Ohio Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier and a year ago

 

Foreclosure activity in Ohio rose 12 percent during the first quarter of 2010, and was up 5 percent from the same period last year. In all, the state reported 33,221 properties with foreclosure filings during the quarter.

 

In March the state reported 12,849 properties with foreclosure filings, a 14 percent increase from the previous month and 2 percent above the level reported in March 2009. One in every 395 Ohio housing units received a foreclosure filing during the month, the 11th highest state foreclosure rate in the nation.

 

Ohio remained among the 10 worst affected states in the nation in terms of total foreclosure filings for both the first quarter of 2010 and in March,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest quarter increase was in the number of default notices, which rose 29 percent from the previous quarter. Adding to this is the state’s unemployment rate, which is now well above the national average at 11 percent in March. These are major contributing factors to the rise in foreclosure activity the state is experiencing.”

 

California continued to lead the nation in total foreclosure activity, reporting 216,263 properties with foreclosure filings for the quarter. Florida maintained its ranking as second highest in the nation, reporting 153,540 properties with foreclosure filings. Arizona came in third, documenting 55,686 properties with foreclosure filings. Illinois ranked fourth, reporting 45,780 properties with foreclosure filings. Michigan was a close fifth, reporting 45,732 properties with foreclosure filings for the quarter.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the first quarter were Georgia (39,911), Texas (37,354), Nevada (34,557) and Colorado (16,023). In all, the top 10 accounted for 73 percent of all foreclosure filings in the nation for the quarter.

 

One in every 153 Ohio housing units received a foreclosure filing during the quarter — the 12th highest state foreclosure rate in the nation.

 

Marion County posts top foreclosure rate for the first quarter

Marion County had the highest county foreclosure rate in the state during the first quarter, with one in every 95 housing units receiving a foreclosure filing — 1.5 times the national average and 1.6 times the state average. Clinton County had the second highest rate, with one in every 97 housing units receiving a foreclosure filing — 1.4 times the national average and 1.6 times the state average. Lucas County came in third, with one in every 101 housing units receiving a foreclosure filing — 1.4 times the national average and 1.5 times the state average.

 

Cuyahoga County led the state in total foreclosures for the first quarter

Cuyahoga County tallied the highest total foreclosure activity of any county in the state during the first quarter, totaling 5,072 properties with foreclosure filings. Franklin County was second, reporting 4,081 properties with foreclosure filings. Reporting 2,391 properties with foreclosure filings for the quarter, Montgomery County came in third. Hamilton County was fourth, reporting 2,055 properties with foreclosure filings. Fifth highest total was Lucas County, where 2,016 properties with foreclosure filings were reported for the quarter.

 

State a major contributor to nation’s quarterly foreclosure total

Ohio accounted for 4 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Ohio

0

15,041

0

7,543

10,637

33,221

153

0.91

n/a

 

 

 

 

 

 

 

 

 

 

Marion

0

132

0

56

107

295

95

1.46

1.62

Clinton

0

8

0

70

109

187

97

1.43

1.58

Lucas

0

927

0

651

438

2,016

101

1.37

1.51

Huron

0

89

0

98

51

238

105

1.32

1.46

Montgomery

0

1,198

0

430

763

2,391

107

1.30

1.43

 

 

Ohio Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Ohio

0

15,041

0

7,543

10,637

33,221

153

11.92

5.15

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

2,263

0

912

1,897

5,072

122

9.71

-2.56

Franklin

0

2,445

0

43

1,593

4,081

129

35.94

-5.58

Montgomery

0

1,198

0

430

763

2,391

107

35.93

38.21

Hamilton

0

726

0

923

406

2,055

187

-3.61

32.92

Lucas

0

927

0

651

438

2,016

101

17.41

7.52

 

 

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