OHIO FORECLOSURE ACTIVITY UP 26 PERCENT IN 2008

More than 113,500 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 113,570 Ohio properties in 2008, an increase of 26 percent from 2007 and an increase of 155 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 2.25 percent of all Ohio housing units received at least one foreclosure filing during the year, up from 1.80 percent in 2007.

 

Ohio reported 11,260 properties with foreclosure filings in December, a 13 percent decrease from the previous month and a 7 percent decrease over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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.

 

“As the country progressed into recession in 2008, Ohio’s industrial sectors have been hit especially hard, resulting in an unemployment rate well above the national average and the nation’s fourth highest number of annual foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Steep losses in the manufacturing sector pushed Ohio’s unemployment rate to 7.8 percent in December, the highest jobless rate in 20 years. This could signal further foreclosure activity in Ohio in the months ahead.”

 

Ohio had the fourth highest total foreclosure activity for the year, following California with 523,624, Florida with 385,309 and Arizona with 116,911 properties. Michigan came in fifth, documenting 106,058 properties with foreclosure filings in 2008. The remaining states in the nation’s top 10 totals for 2008 were Illinois, Texas, Georgia, Nevada and New Jersey.

 

Cuyahoga County reports highest total of foreclosure filings

Cuyahoga County led the state reporting 20,831 properties with foreclosure filings for the year. Franklin County came in second, reporting 14,943 properties with foreclosure filings. Hamilton County registered the third highest total, reporting 7,793 properties with foreclosure filings. Montgomery County posted the fourth highest foreclosure total, reporting 7,549 properties with foreclosure filings. Summit County came in fifth, documenting 6,940 properties with foreclosure filings.

 

Lucas County posts top foreclosure rate

Lucas County topped the list, with 3.36 percent of its housing units receiving at least one foreclosure filing during the year. Cuyahoga County came in second, with 3.35 percent of its housing units receiving at least one foreclosure filing. Montgomery County documented the third highest foreclosure rate, where 2.97 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Franklin County (2.88 percent) and Summit County (2.87 percent).

 

State the fourth highest contributor to nation’s foreclosure total for 2008

Ohio accounted for 5 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Ohio

113,570

2.25

26.22

 

 

 

 

 

80

Adams

30

0.25

50.00

33

Allen

752

1.66

141.80

37

Ashland

338

1.54

79.79

16

Ashtabula

998

2.19

55.21

64

Athens

226

0.90

56.94

43

Auglaize

269

1.39

102.26

72

Belmont

230

0.73

206.67

14

Brown

433

2.31

165.64

9

Butler

3,532

2.48

36.27

77

Carroll

41

0.31

24.24

62

Champaign

156

0.93

35.65

10

Clark

1,519

2.45

143.04

15

Clermont

1,742

2.25

53.48

29

Clinton

304

1.70

198.04

38

Columbiana

720

1.53

125.00

61

Coshocton

154

0.95

120.00

42

Crawford

287

1.39

107.97

2

Cuyahoga

20,831

3.35

-9.02

58

Darke

242

1.09

96.75

65

Defiance

142

0.85

373.33

24

Delaware

1,186

1.97

75.70

48

Erie

482

1.29

239.44

20

Fairfield

1,145

2.06

49.87

19

Fayette

261

2.08

85.11

4

Franklin

14,943

2.88

33.99

41

Fulton

247

1.44

35.71

86

Gallia

9

0.07

80.00

55

Geauga

407

1.16

41.32

40

Greene

940

1.45

12.17

76

Guernsey

98

0.50

988.89

23

Hamilton

7,793

2.03

14.82

35

Hancock

519

1.58

104.33

46

Hardin

176

1.34

58.56

82

Harrison

12

0.15

500.00

74

Henry

83

0.68

62.75

34

Highland

292

1.60

13.62

75

Hocking

65

0.52

333.33

79

Holmes

33

0.26

1550.00

28

Huron

442

1.79

718.52

63

Jackson

133

0.91

87.32

69

Jefferson

265

0.79

67.72

17

Knox

509

2.14

224.20

21

Lake

1,999

2.04

62.39

66

Lawrence

225

0.82

36.36

25

Licking

1,227

1.88

166.74

57

Logan

252

1.10

42.37

6

Lorain

3,344

2.74

27.83

1

Lucas

6,818

3.36

29.77

32

Madison

256

1.66

50.59

27

Mahoning

2,044

1.79

8.03

11

Marion

658

2.40

213.33

30

Medina

1,112

1.70

44.79

85

Meigs

12

0.11

n/a

71

Mercer

125

0.75

60.26

52

Miami

514

1.22

311.20

83

Monroe

10

0.14

400.00

3

Montgomery

7,549

2.97

11.24

87

Morgan

4

0.05

n/a

59

Morrow

130

1.00

225.00

13

Muskingum

822

2.31

68.10

88

Noble

0

0.00

n/a

68

Ottawa

214

0.80

130.11

45

Paulding

118

1.34

686.67

26

Perry

262

1.85

648.57

31

Pickaway

332

1.68

10.30

73

Pike

86

0.70

109.76

22

Portage

1,319

2.04

65.70

49

Preble

228

1.27

250.77

78

Putnam

36

0.27

-54.43

12

Richland

1,306

2.38

48.07

36

Ross

467

1.54

20.36

60

Sandusky

248

0.95

95.28

54

Scioto

403

1.16

80.72

51

Seneca

301

1.23

1014.81

53

Shelby

236

1.19

337.04

7

Stark

4,443

2.71

9.68

5

Summit

6,940

2.87

10.70

8

Trumbull

2,547

2.63

55.68

44

Tuscarawas

532

1.37

77.33

39

Union

270

1.46

20.00

50

Van Wert

158

1.24

105.19

84

Vinton

7

0.12

133.33

18

Warren

1,558

2.10

40.61

81

Washington

66

0.24

40.43

56

Wayne

520

1.14

22.64

67

Williams

135

0.80

1828.57

47

Wood

678

1.31

198.68

70

Wyandot

73

0.75

62.22

 

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

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved