Ohio Foreclosure Activity Up Slightly in February

Statewide filings increase 2 percent from January; rate #12 nationally

 

Foreclosure activity in Ohio increased in February to 11,286 properties with foreclosure filings, up 2 percent from the previous month and half a percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 450 Ohio housing units received a foreclosure filing in February, ranking it 12th in the nation.

 

“Ohio foreclosures increased slightly in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest climb was in auctions which grew 3 percent during the month. The state’s unemployment rate is still more than 1 percent above the national average. This needs to improve before foreclosures here really start to decrease.”

 

California continued to lead the nation in total foreclosures in February with 68,562 properties reporting foreclosure filings. Florida maintained number two status, reporting 54,032 properties with foreclosure filings for the month. Michigan took over third place, documenting 20,028 properties with foreclosure filings. Illinois remained fourth highest at 17,312 properties with foreclosure filings. Close behind at 16,718 properties with foreclosure filings, Arizona fell to fifth place for the month.

 

The remaining states in the nation’s top 10 for total foreclosure activity in February were Texas (12,638), Georgia (12,177), Ohio (11,286), Nevada (11,035) and Maryland (5,732). In all, the top 10 accounted for 74 percent of all foreclosure filings in the nation for February.

 

Marion County posts top foreclosure rate in the state for February

Marion County posted the state’s highest county foreclosure rate in February, with one in every 198 housing units receiving a foreclosure filing — 2.3 the state average. Clark County was second, with one in every 259 housing units receiving a foreclosure filing — 1.7 times the state average. Lucas County came in third highest, with one in every 276 housing units receiving a foreclosure filing — 1.6 times the state average.

 

Cuyahoga County reports highest number in total foreclosures in February

Cuyahoga County led the way, totaling 1,764 properties with foreclosure filings for the month. Montgomery County was second, documenting 837 properties with foreclosure filings. Lucas County ranked third highest, reporting 739 properties with foreclosure filings for the month. Hamilton County came in fourth place, reporting 710 properties with foreclosure filings, while the fifth highest total was in Stark County, where 441 properties with foreclosure filings were reported for the month.

 

State contributes 4 percent to nation’s month foreclosure total

Ohio accounted for 4 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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: DefaultNotice 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Ohio

0

4,739

0

3,214

3,333

11,286

450

0.93

n/a

 

 

 

 

 

 

 

 

 

 

Marion

0

81

0

22

38

141

198

2.12

2.28

Clark

0

53

0

130

58

241

259

1.62

1.74

Lucas

0

312

0

239

188

739

276

1.52

1.63

Pickaway

0

21

0

27

21

69

287

1.46

1.57

Warren

0

125

0

96

33

254

303

1.38

1.49

 

 

 

Ohio Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Ohio

0

4,739

0

3,214

3,333

11,286

450

1.63

0.49

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

869

0

563

332

1,764

352

11.50

-13.02

Montgomery

0

233

0

257

347

837

305

-30.60

60.96

Lucas

0

312

0

239

188

739

276

2.07

6.48

Hamilton

0

185

0

356

169

710

542

-20.22

89.33

Stark

0

190

0

107

144

441

374

-6.77

-19.23

 

 

 

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