OHIO FORECLOSURE ACTIVITY INCREASES 9 PERCENT IN MARCH

State Filings Up 37 Percent From a Year Ago; Foreclosure Rate in Nation’s Top 10

 

IRVINE, Calif. – April 30, 2008 – Foreclosure filings were reported on 11,273 Ohio properties in March, a nearly 9 percent increase from the previous month and up 37 percent from the level reported for March 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 448 Ohio households received a foreclosure filing during the month, the seventh highest foreclosure rate among the states and 1.2 times the national average.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Ohio has remained among the nation’s top five states in terms of total foreclosure activity for 17 consecutive months now,” said James J. Saccacio, chief executive officer of RealtyTrac. “There are multiple factors contributing to this phenomenon, including an unemployment rate that is above the national average, lower home sales volume and home price reductions — on both a monthly and year-over-year basis — and a large inventory of unsold homes. Until this situation improves the state will continue to see higher foreclosure levels into the foreseeable future.

 

Foreclosure activity in the Buckeye State was far overshadowed by national leader California, which reported 64,711 properties with foreclosure filings in March. The state total was also far behind second place Florida which reported 30,254 properties with foreclosure filings for the month. Georgia was a close fourth, reporting 11,047 properties with foreclosure filings, while  Texas rounded out the nation’s top five, reporting 10,700 properties with foreclosure filings. The remaining states in the nation’s top 10 for total foreclosure filings in March were Michigan, Arizona, Illinois, Nevada and Colorado.

 

Cuyahoga County continues to lead state in foreclosure activity and rate

As it has for many months now, Cuyahoga County led the state in both total foreclosure filings and foreclosure rate again in March. The county reported 2,418 properties with foreclosure filings, one in every 257 households — a foreclosure rate that was 1.7 times the state average and 2.1 times the national average.

 

Second highest total was documented in Franklin County, which reported 1,589 properties with foreclosure filings. Second highest foreclosure rate was reported in Lorain County, where one in every 267 households received a foreclosure filing — 1.7 times the state average and twice the national average.

 

Montgomery County had the third highest foreclosure total, reporting 935 properties with foreclosure filings, while Summit County reported the fourth highest total — 863 properties with foreclosure filings — and Hamilton County came in a close fifth, reporting 837 properties with foreclosure filings. The five top counties accounted for 59 percent of all foreclosure activity in the state for March.

 

Third highest foreclosure rate in the state was posted by Knox County, where one in every 271 households received a foreclosure filing — 1.7 times the state average and nearly twice the national average. Montgomery County had the fourth highest rate, with one in every 272 households receiving a foreclosure filing. Warren County documented the fifth highest rate for the month, with one in every 275 households receiving a foreclosure filing.

 

State a major contributor to nation’s total in March

Total filings in Ohio accounted for 5 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                               Ohio Foreclosure Market by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Ohio

0

3,876

42

3,742

3,613

11,273

448

1.20

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

2

0

2

6,034

0.09

0.07

Allen

0

68

0

4

0

72

629

0.86

0.71

Ashland

0

40

0

1

7

48

457

1.18

0.98

Ashtabula

0

0

0

28

36

64

712

0.76

0.63

Athens

0

0

0

0

4

4

6,299

0.09

0.07

Auglaize

0

2

0

4

1

7

2,766

0.19

0.16

Belmont

0

0

0

14

7

21

1,493

0.36

0.30

Brown

0

0

0

25

7

32

585

0.92

0.76

Butler

0

159

0

5

70

234

608

0.89

0.74

Carroll

0

1

0

0

0

1

13,081

0.04

0.03

Champaign

0

0

0

1

18

19

884

0.61

0.51

Clark

0

0

1

51

69

121

513

1.05

0.87

Clermont

0

55

0

72

30

157

494

1.09

0.91

Clinton

0

4

0

35

5

44

406

1.33

1.10

Columbiana

0

44

0

3

30

77

611

0.88

0.73

Coshocton

0

0

0

0

3

3

5,404

0.10

0.08

Crawford

0

0

1

1

1

3

6,870

0.08

0.07

Cuyahoga

0

1,037

18

589

774

2,418

257

2.10

1.74

Darke

0

0

1

16

1

18

1,239

0.43

0.36

Defiance

0

0

1

19

0

20

839

0.64

0.53

Delaware

0

58

0

4

31

93

648

0.83

0.69

Erie

0

4

0

25

5

34

1,101

0.49

0.41

Fairfield

0

49

0

75

72

196

283

1.90

1.58

Fayette

0

0

1

15

2

18

697

0.77

0.64

Franklin

0

558

3

618

410

1,589

327

1.65

1.37

Fulton

0

19

0

0

0

19

904

0.60

0.49

Gallia

0

0

1

0

0

1

13,386

0.04

0.03

Geauga

0

47

0

0

3

50

705

0.76

0.64

Greene

0

44

1

38

71

154

422

1.28

1.06

Guernsey

0

0

0

0

0

0

n/a 

0.00

0.00

Hamilton

0

180

4

324

329

837

459

1.17

0.98

Hancock

0

17

0

34

7

58

567

0.95

0.79

Hardin

0

0

0

34

7

41

321

1.68

1.40

Harrison

0

0

0

1

0

1

7,766

0.07

0.06

Henry

0

0

0

0

0

0

n/a 

0.00

0.00

Highland

0

1

0

7

14

22

828

0.65

0.54

Hocking

0

0

0

1

0

1

12,551

0.04

0.04

Holmes

0

0

0

0

0

0

n/a 

0.00

0.00

Huron

0

1

0

3

2

6

4,108

0.13

0.11

Jackson

0

0

0

0

3

3

4,867

0.11

0.09

Jefferson

0

19

0

0

0

19

1,766

0.30

0.25

Knox

0

61

0

14

13

88

271

1.99

1.65

Lake

0

94

1

48

34

177

553

0.97

0.81

Lawrence

0

0

0

0

4

4

6,855

0.08

0.07

Licking

0

0

0

1

47

48

1,362

0.40

0.33

Logan

0

0

0

20

5

25

918

0.59

0.49

Lorain

0

203

0

67

186

456

267

2.01

1.68

Lucas

0

220

3

186

8

417

486

1.11

0.92

Madison

0

0

0

0

14

14

1,101

0.49

0.41

Mahoning

0

106

0

3

11

120

949

0.57

0.47

Marion

0

0

0

1

1

2

13,682

0.04

0.03

Medina

0

1

0

1

37

39

1,678

0.32

0.27

Meigs

0

0

0

0

0

0

n/a 

0.00

0.00

Mercer

0

0

0

13

5

18

928

0.58

0.48

Miami

0

0

1

1

2

4

10,507

0.05

0.04

Monroe

0

0

0

0

0

0

n/a 

0.00

0.00

Montgomery

0

227

1

419

288

935

272

1.98

1.64

Morgan

0

0

0

0

0

0

n/a 

0.00

0.00

Morrow

0

0

0

0

5

5

2,603

0.21

0.17

Muskingum

0

0

0

2

18

20

1,777

0.30

0.25

Noble

0

0

0

0

0

0

n/a 

0.00

0.00

Ottawa

0

0

0

9

3

12

2,242

0.24

0.20

Paulding

0

0

0

11

4

15

587

0.92

0.76

Perry

0

0

1

5

8

14

1,010

0.53

0.44

Pickaway

0

0

0

0

14

14

1,409

0.38

0.32

Pike

0

0

1

1

2

4

3,084

0.17

0.15

Portage

0

60

0

64

25

149

435

1.24

1.03

Preble

0

0

0

20

1

21

854

0.63

0.52

Putnam

0

0

0

6

0

6

2,232

0.24

0.20

Richland

0

71

0

59

57

187

294

1.83

1.52

Ross

0

35

0

6

8

49

618

0.87

0.72

Sandusky

0

0

0

0

2

2

13,040

0.04

0.03

Scioto

0

37

0

10

0

47

740

0.73

0.60

Seneca

0

1

0

1

1

3

8,126

0.07

0.06

Shelby

0

0

0

12

3

15

1,323

0.41

0.34

Stark

0

5

2

19

253

279

588

0.92

0.76

Summit

0

162

0

447

254

863

280

1.92

1.60

Trumbull

0

89

0

105

82

276

351

1.53

1.27

Tuscarawas

0

28

0

2

34

64

608

0.88

0.74

Union

0

0

0

1

3

4

4,612

0.12

0.10

Van Wert

0

0

0

0

11

11

1,157

0.47

0.39

Vinton

0

0

0

0

0

0

n/a 

0.00

0.00

Warren

0

69

0

56

145

270

275

1.96

1.63

Washington

0

0

0

0

4

4

7,007

0.08

0.06

Wayne

0

0

0

18

2

20

2,274

0.24

0.20

Williams

0

0

0

18

0

18

939

0.57

0.48

Wood

0

0

0

47

1

48

1,076

0.50

0.42

Wyandot

0

0

0

0

0

0

n/a

0.00

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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