OHIO FORECLOSURE ACTIVITY UP 6 PERCENT IN JANUARY

Activity Up 50 Percent From January 2007; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Feb. 26, 2008 – Ohio reported 12,785 foreclosure filings in January, the fourth highest foreclosure total in the nation. The total represents a 6 percent increase from the previous month and is 50 percent above the level reported for January 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate of one foreclosure filing for every 392 households was 1.4 times the national average, ranking it ninth highest among the 50 states.

 

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 continues to languish among the states with the highest levels of foreclosure activity month after month,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the state remains above the national average. Also, home sales declined and home prices depreciated between 2006 and 2007 on a year-over-year basis. Not a good economic climate for a real estate market recovery, thus we expect high foreclosure activity to continue.

 

Although it remains in the nation’s top five states for foreclosures, activity in the Buckeye State was well behind national leader California which reported 57,158 foreclosure filings and second place Florida with 30,178 filings for January. Texas ranked third with 14,698 foreclosure filings for the month. Fifth place Michigan and sixth place Georgia ran neck and neck with 10,746 and 10,665 foreclosure filings respectively. The remaining states in the nation’s top 10 for total foreclosure filings in January were Arizona, Massachusetts, Illinois and Colorado.

 

Five counties have bulk of state foreclosure activity for January

Filings in five Ohio counties accounted for 61 percent of all foreclosure activity in the state for January. Leading the way once again was Cuyahoga County reporting 3,026 foreclosure filings for the month. Second highest total was reported by Franklin County with 2,051 foreclosure filings. Third place Hamilton County reported 1,055 filings, followed by fourth place Montgomery County with 998 filings and fifth place Lucas County with 721 filings entering some stage of the foreclosure pipeline during the month.

 

Cuyahoga County posts highest foreclosure rate

Reporting a foreclosure rate of one foreclosure filing for every 205 households — 1.9 times the state average and 2.6 times the national average — Cuyahoga County led all counties in January. Second highest foreclosure rate was posted in Lorain County, one foreclosure filing for every 215 households — 1.8 times the state average and 2.5 times the national average. Franklin County registered the third highest foreclosure rate in the state, one foreclosure filing for every 250 households — 1.6 times the state average and 2.1 times the national average. The rate in Montgomery County was the fourth highest, one foreclosure filing for every 254 households, with Clark County coming in fifth with a rate of one foreclosure filing for every 255 households.

 

State the largest major contributor to nation’s total in January

Total foreclosure filings in Ohio accounted for 5 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

                         Ohio Foreclosure Market by County – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per Filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Ohio

0

0

3,653

5,357

3,775

12,785

392

1.36

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

1

0

0

1

12,092

0.04

0.03

Allen

0

0

0

62

39

101

447

1.20

0.88

Ashland

0

0

0

0

5

5

4,331

0.12

0.09

Ashtabula

0

0

65

2

16

83

548

0.98

0.71

Athens

0

0

0

0

9

9

2,803

0.19

0.14

Auglaize

0

0

28

4

5

37

520

1.03

0.75

Belmont

0

0

49

1

7

57

551

0.97

0.71

Brown

0

0

16

0

23

39

463

1.15

0.85

Butler

0

0

0

200

159

359

390

1.37

1.01

Carroll

0

0

0

0

1

1

13,102

0.04

0.03

Champaign

0

0

0

0

13

13

1,286

0.42

0.30

Clark

0

0

219

0

24

243

255

2.10

1.54

Clermont

0

0

76

7

37

120

639

0.84

0.61

Clinton

0

0

2

1

0

3

5,885

0.09

0.07

Columbiana

0

0

0

88

28

116

405

1.32

0.97

Coshocton

0

0

0

1

12

13

1,250

0.43

0.31

Crawford

0

0

0

35

0

35

584

0.91

0.67

Cuyahoga

0

0

395

1,705

926

3,026

205

2.61

1.91

Darke

0

0

22

0

0

22

1,008

0.53

0.39

Defiance

0

0

16

0

0

16

1,040

0.51

0.38

Delaware

0

0

2

35

40

77

740

0.72

0.53

Erie

0

0

61

6

4

71

522

1.02

0.75

Fairfield

0

0

54

47

66

167

327

1.63

1.20

Fayette

0

0

13

0

18

31

400

1.34

0.98

Franklin

0

0

872

653

526

2,051

250

2.14

1.57

Fulton

0

0

1

17

3

21

812

0.66

0.48

Gallia

0

0

0

0

0

0

n/a

0.00

0.00

Geauga

0

0

16

12

11

39

896

0.60

0.44

Greene

0

0

32

53

38

123

518

1.03

0.76

Guernsey

0

0

0

0

0

0

n/a

0.00

0.00

Hamilton

0

0

520

195

340

1,055

363

1.47

1.08

Hancock

0

0

27

11

32

70

455

1.17

0.86

Hardin

0

0

4

0

19

23

572

0.93

0.68

Harrison

0

0

0

0

0

0

n/a

0.00

0.00

Henry

0

0

6

0

0

6

2,007

0.27

0.20

Highland

0

0

18

0

23

41

442

1.21

0.89

Hocking

0

0

0

0

0

0

n/a

0.00

0.00

Holmes

0

0

0

0

0

0

n/a

0.00

0.00

Huron

0

0

2

1

0

3

8,161

0.07

0.05

Jackson

0

0

0

0

11

11

1,323

0.40

0.30

Jefferson

0

0

0

15

0

15

2,241

0.24

0.17

Knox

0

0

30

1

18

49

480

1.11

0.82

Lake

0

0

66

86

42

194

501

1.07

0.78

Lawrence

0

0

0

0

8

8

3,431

0.16

0.11

Licking

0

0

0

0

44

44

1,461

0.37

0.27

Logan

0

0

0

0

17

17

1,342

0.40

0.29

Lorain

0

0

42

346

170

558

215

2.48

1.82

Lucas

0

0

247

393

81

721

281

1.90

1.39

Madison

0

0

13

0

8

21

728

0.73

0.54

Mahoning

0

0

1

148

65

214

531

1.01

0.74

Marion

0

0

0

1

0

1

27,194

0.02

0.01

Medina

0

0

0

3

12

15

4,280

0.12

0.09

Meigs

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

0

8

1

18

27

615

0.87

0.64

Miami

0

0

54

0

0

54

774

0.69

0.51

Monroe

0

0

0

0

0

0

n/a

0.00

0.00

Montgomery

0

0

293

355

350

998

254

2.10

1.54

Morgan

0

0

0

0

0

0

n/a

0.00

0.00

Morrow

0

0

0

0

5

5

2,576

0.21

0.15

Muskingum

0

0

0

0

2

2

17,784

0.03

0.02

Noble

0

0

0

0

0

0

n/a

0.00

0.00

Ottawa

0

0

19

0

0

19

1,402

0.38

0.28

Paulding

0

0

4

0

17

21

418

1.28

0.94

Perry

0

0

0

2

0

2

7,030

0.08

0.06

Pickaway

0

0

0

0

17

17

1,154

0.46

0.34

Pike

0

0

0

0

6

6

2,036

0.26

0.19

Portage

0

0

37

105

14

156

411

1.30

0.95

Preble

0

0

16

1

0

17

1,054

0.51

0.37

Putnam

0

0

0

0

0

0

n/a

0.00

0.00

Richland

0

0

58

105

46

209

262

2.04

1.49

Ross

0

0

5

42

29

76

399

1.34

0.98

Sandusky

0

0

0

0

7

7

3,717

0.14

0.11

Scioto

0

0

1

0

23

24

1,451

0.37

0.27

Seneca

0

0

3

1

0

4

6,091

0.09

0.06

Shelby

0

0

5

1

0

6

3,269

0.16

0.12

Stark

0

0

7

123

28

158

1,027

0.52

0.38

Summit

0

0

0

318

214

532

452

1.18

0.87

Trumbull

0

0

142

108

57

307

315

1.70

1.24

Tuscarawas

0

0

0

5

14

19

2,046

0.26

0.19

Union

0

0

0

0

3

3

6,005

0.09

0.07

Van Wert

0

0

0

0

11

11

1,155

0.46

0.34

Vinton

0

0

0

0

0

0

n/a

0.00

0.00

Warren

0

0

53

60

5

118

610

0.88

0.64

Washington

0

0

0

0

2

2

14,024

0.04

0.03

Wayne

0

0

14

0

2

16

2,821

0.19

0.14

Williams

0

0

10

0

0

10

1,683

0.32

0.23

Wood

0

0

8

1

5

14

3,630

0.15

0.11

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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