OHIO FORECLOSURES DECLINE 12 PERCENT IN FEBRUARY

Activity Drops 24 Percent From Year Ago; Rate is Nation’s 7th Highest

 

IRVINE, Calif. – March 26, 2007 – Ohio reported 7,478 foreclosure filings in February, the fifth highest foreclosure total in the country. However, the total represents a 12 percent decrease from the previous month and a 24 percent decline from the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report. The state tallied a foreclosure rate of one foreclosure filing for every 640 households, seventh highest rate in the nation.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.

 

“The majority of foreclosures in Ohio during February were already in the system, either properties going to auction or those already taken back by the foreclosing lenders,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment went down slightly for the month. However, home sales and the average sales price also declined during the month meaning homeowners in distress are still having a tough time trying to sell their way out of foreclosure.”

 

Foreclosures in the Buckeye state were about 1,800 fewer than the total in fourth place Michigan, but only 180 more than sixth place Georgia. National leader Florida tallied 11,600 more foreclosures than the Ohio total, while second place California documented nearly 9,000 more foreclosures. Texas came in third with about 5,000 more foreclosures than Ohio. The rest of the nation’s top 10 were Illinois, Colorado, New York and New Jersey. The state foreclosure rate was 1.4 times the national average.

 

Cuyahoga County leads state in total foreclosures for month

Cuyahoga County accounted for 28 percent of all foreclosure activity in the state for February, reporting 2,106 foreclosure filings. Franklin County documented the second highest total for the month, reporting 1,078 foreclosure filings. Montgomery County reported the third highest state total, reporting 934 foreclosure filings. Hamilton County posted the fourth highest total, with 506 foreclosure filings.

 

Montgomery posts highest foreclosure rate in state

Montgomery County tallied the state’s highest foreclosure rate for February, documenting one foreclosure filing for every 266 households — 2.4 times the state average and 3.3 times the national average. Fayette County reported the state’s second highest rate, with one foreclosure filing for every 283 households — 2.3 times the state average and 3.1 times the national average. Cuyahoga County tallied the third highest rate in the state, reporting one foreclosure filing for every 293 households — 2.2 times the state average and three times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in Ohio accounted for almost 6 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

Ohio

144

4,053

0

0

3,281

7,478

640

1.38

n/a

 

 

 

 

 

 

 

 

 

 

Adams

0

0

0

0

1

1

11,822

0.07

0.05

Allen

1

2

0

0

0

3

14,748

0.06

0.04

Ashland

1

0

0

0

5

6

3,472

0.25

0.18

Ashtabula

0

82

0

0

21

103

425

2.08

1.50

Athens

0

1

0

0

6

7

3,557

0.25

0.18

Auglaize

0

22

0

0

4

26

711

1.24

0.90

Belmont

0

1

0

0

2

3

10,412

0.08

0.06

Brown

0

2

0

0

5

7

2,456

0.36

0.26

Butler

3

11

0

0

101

115

1,129

0.78

0.57

Carroll

0

0

0

0

3

3

4,339

0.20

0.15

Champaign

0

1

0

0

0

1

15,890

0.06

0.04

Clark

0

5

0

0

28

33

1,850

0.48

0.35

Clermont

3

75

0

0

76

154

450

1.97

1.42

Clinton

0

4

0

0

2

6

2,763

0.32

0.23

Columbiana

1

5

0

0

13

19

2,425

0.36

0.26

Coshocton

0

0

0

0

2

2

8,054

0.11

0.08

Crawford

1

2

0

0

3

6

3,530

0.25

0.18

Cuyahoga

35

929

0

0

1,142

2,106

293

3.02

2.18

Darke

0

1

0

0

1

2

10,792

0.08

0.06

Delaware

0

3

0

0

23

26

1,630

0.54

0.39

Erie

3

3

0

0

0

6

5,833

0.15

0.11

Fairfield

0

29

0

0

18

47

1,021

0.87

0.63

Fayette

1

23

0

0

18

42

283

3.12

2.26

Franklin

19

730

0

0

329

1,078

437

2.02

1.46

Fulton

0

1

0

0

5

6

2,705

0.33

0.24

Geauga

3

1

0

0

1

5

6,561

0.13

0.10

Greene

2

14

0

0

43

59

987

0.90

0.65

Guernsey

0

2

0

0

0

2

9,386

0.09

0.07

Hamilton

12

485

0

0

9

506

738

1.20

0.87

Hancock

1

3

0

0

3

7

4,255

0.21

0.15

Hardin

0

22

0

0

12

34

380

2.33

1.68

Henry

1

9

0

0

0

10

1,163

0.76

0.55

Highland

0

14

0

0

9

23

764

1.16

0.84

Hocking

0

2

0

0

0

2

6,071

0.15

0.11

Huron

0

2

0

0

0

2

11,797

0.07

0.05

Jackson

0

4

0

0

5

9

1,545

0.57

0.41

Jefferson

0

2

0

0

0

2

16,601

0.05

0.04

Knox

0

1

0

0

0

1

21,793

0.04

0.03

Lake

2

56

0

0

66

124

754

1.17

0.85

Lawrence

0

1

0

0

8

9

3,021

0.29

0.21

Licking

0

2

0

0

35

37

1,588

0.56

0.40

Logan

1

2

0

0

11

14

1,541

0.57

0.42

Lorain

2

123

0

0

25

150

742

1.19

0.86

Lucas

2

216

0

0

92

310

633

1.40

1.01

Madison

0

17

0

0

6

23

623

1.42

1.03

Mahoning

3

11

0

0

91

105

1,064

0.83

0.60

Marion

0

3

0

0

0

3

8,736

0.10

0.07

Medina

3

0

0

0

11

14

4,057

0.22

0.16

Mercer

0

1

0

0

4

5

3,175

0.28

0.20

Miami

0

1

0

0

0

1

40,554

0.02

0.02

Montgomery

11

429

0

0

494

934

266

3.32

2.40

Morrow

1

0

0

0

0

1

12,132

0.07

0.05

Muskingum

2

1

0

0

17

20

1,758

0.50

0.36

Ottawa

1

22

0

0

0

23

1,110

0.80

0.58

Perry

0

1

0

0

0

1

13,655

0.06

0.05

Pickaway

0

5

0

0

13

18

1,033

0.86

0.62

Pike

0

3

0

0

4

7

1,657

0.53

0.39

Portage

2

72

0

0

36

110

546

1.62

1.17

Preble

0

0

0

0

1

1

17,186

0.05

0.04

Richland

0

40

0

0

24

64

829

1.07

0.77

Ross

0

3

0

0

13

16

1,841

0.48

0.35

Sandusky

1

2

0

0

1

4

6,313

0.14

0.10

Scioto

0

2

0

0

18

20

1,703

0.52

0.38

Seneca

0

0

0

0

1

1

23,692

0.04

0.03

Shelby

0

5

0

0

0

5

3,736

0.24

0.17

Stark

3

132

0

0

225

360

436

2.03

1.47

Summit

18

250

0

0

93

361

640

1.38

1.00

Trumbull

2

12

0

0

48

62

1,534

0.58

0.42

Tuscarawas

0

0

0

0

10

10

3,811

0.23

0.17

Union

1

25

0

0

1

27

564

1.57

1.13

Van Wert

0

0

0

0

7

7

1,766

0.50

0.36

Warren

1

65

0

0

29

95

618

1.43

1.04

Washington

0

2

0

0

4

6

4,627

0.19

0.14

Wayne

1

21

0

0

3

25

1,693

0.52

0.38

Williams

0

7

0

0

0

7

2,306

0.38

0.28

Wood

0

28

0

0

0

28

1,695

0.52

0.38

 

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 construction properties, 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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