Activity level drops 8 percent from Q1; rate 15th highest in nation
Foreclosure filings increase 2 percent mid-year; up 3 percent in June
Ohio reported 30,644 properties with foreclosure filings for the second quarter of 2010, the ninth highest activity level in the nation. This latest total represents an 8 percent drop from the first quarter of the year and is nearly 2 percent below the level reported for the second quarter of 2009. One in every 166 Ohio housing units received a foreclosure filing during the quarter, giving the state the 15th highest foreclosure rate in the nation.
Activity level in the Buckeye State fell during the first half of 2010, but rose in June. For the first six months of the year, Ohio reported 59,927 properties with foreclosure filings, a 3 percent rise in activity from the second half of 2009, and 2 percent above the level reported mid-year 2009. In June the state tallied 10,639 properties with foreclosure filings, an increase of 3 percent from the previous month but down 5 percent from June 2009.
“Ohio foreclosures were down during the second quarter and for the month of June, said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate is still above the national average, it has been decreasing steadily over the past few months. This has likely contributed to the recent decline.”
California led the nation in total foreclosure activity with 192,422 properties with foreclosure filings during the second quarter, followed by Florida, reporting 139,693 properties with foreclosure filings. Once again Arizona came in third highest, documenting 45,613 properties with foreclosure filings. Illinois narrowly stayed in fourth place, reporting 45,567 properties with foreclosure filings for the quarter. Michigan was fifth once again, reporting 45,451 properties with foreclosure filings.
The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.
Marion County posts state’s top foreclosure rate for the quarter
Marion County posted the highest county foreclosure rate in Ohio during the second quarter, with one in every 89 housing units receiving a foreclosure filing in the county — 1.9 times the state average. Brown County posted the second highest foreclosure rate, with one in every 105 housing units receiving a foreclosure filing — 1.6 times the state average. Lucas County reported the third highest foreclosure rate, with one in every 116 housing units receiving a foreclosure filing during the second quarter.
Cuyahoga County leads state in total foreclosures for the second quarter
Cuyahoga County led Ohio in foreclosure activity, reporting 4,716 properties with foreclosure filings for the quarter, while Franklin County documented the second highest foreclosure total, reporting 3,474 properties with foreclosure filings. Reporting 2,274 properties with foreclosure filings for the quarter, Hamilton County came in third. Lucas County was fourth, reporting 1,757 properties with foreclosure filings. Fifth highest total was Montgomery County, where 1,744 properties with foreclosure filings were reported for the quarter.
State contributes 3 percent to nation’s quarterly total
Foreclosure activity in Ohio represented 3 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – Q2 2010
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Ohio Top Foreclosure Totals by County – Q2 2010
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% Chg Q1 2010
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