Ohio Foreclosure Activity Rises in July

Statewide foreclosure filings up 27 percent from June

 

Foreclosure activity in Ohio increased 27 percent in July to 13,511 properties with foreclosure filings, 23 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Ohio reported a hike in foreclosure activity in July, with far more filings than in the previous month or for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Adding to the state’s foreclosure woes is high unemployment, which is 9.5 percent, amounting to an estimated 14.6 million residents who are currently out of work.”

 

California continues to lead the nation, reporting 69,114 properties with foreclosure filings. Florida posted the second highest foreclosure total in the nation in July, tallying 51,557 properties with foreclosure filings. Illinois moved up a notch to third highest total, reporting 19,602 properties with foreclosure filings for the month. Reporting 18,833 properties with foreclosure filings, Michigan fell one spot to fourth place. Arizona maintained the fifth highest total, reporting 16,298 properties with foreclosure filings for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in July were Nevada (13,727), Georgia (12,577), Texas (11,727) and Maryland (6,961). In all, the top five accounted for 53 percent of all foreclosure filings in the nation for July.

 

The state’s reported the 11th highest state foreclosure rate, as one in every 376 Ohio housing units received a foreclosure filing during the month.

 

Erie County posts top county foreclosure rate in July

Erie County posted the highest foreclosure rate in July, with one in every 150 housing units receiving a foreclosure filing. Muskingum County posted the second highest foreclosure rate, with one in every 188 housing units receiving a foreclosure filing during the month. Coming in third was Marion County, where one in every 220 housing units received a foreclosure filing in July.

 

Cuyahoga County had top foreclosure total for July

Cuyahoga County led the state in total foreclosure activity in July, reporting 2,195 properties with foreclosure filings. Franklin County documented the second highest foreclosure total, reporting 2,123 properties with foreclosure filings. Hamilton County came in third highest, tallying 914 properties with foreclosure filings. Montgomery County posted the fourth highest, where 799 properties with foreclosure filings were reported. Summit County was fifth, reporting 677 properties with foreclosure filings for the month.

 

State a moderate contributor to nation’s monthly foreclosure total

Ohio accounted for 4 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month.

 

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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Ohio

0

4,316

0

5,226

3,969

13,511

376

1.06

n/a

 

 

 

 

 

 

 

 

 

 

Erie

0

58

0

41

152

251

150

2.65

2.51

Muskingum

0

53

0

33

103

189

188

2.12

2.00

Marion

0

47

0

25

55

127

220

1.81

1.71

Franklin

0

511

0

1,074

538

2,123

247

1.60

1.52

Huron

0

16

0

49

31

96

259

1.53

1.45

 

 

Ohio Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Ohio

0

4,316

0

5,226

3,969

13,511

376

27.00

22.59

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

987

0

783

425

2,195

283

15.53

-13.55

Franklin

0

511

0

1,074

538

2,123

247

65.09

168.06

Hamilton

0

228

0

438

248

914

421

16.88

15.55

Montgomery

0

284

0

298

217

799

319

40.92

54.84

Summit

0

162

0

294

221

677

360

28.95

104.53

 

 

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