Ohio Foreclosures Increase in October

Statewide filings up 7 percent from September; rate ranks #12 nationally

 

Ohio reported 11,646 properties with foreclosure filings in October, up 7 percent from the previous month and 4 percent below the level reported in October 2008 according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 435 Ohio housing units received a foreclosure filing in October, the 12th highest state foreclosure rate in the nation.

 

Ohio foreclosures increased in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which were up 17 percent for the month. The state’s unemployment rate is currently above the national average, and 250,000 jobs have been lost since this time last year. These trends will need to change before we begin to see a significant reduction in foreclosures.”

 

California continues to lead the nation in foreclosure activity by a wide margin, reporting 85,420 properties with foreclosure filings. Florida was a distant second, reporting 51,911 properties with foreclosure filings in October. Illinois came in number three, reporting 19,946 properties with foreclosure filings for the month. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Butler County posts state’s top foreclosure rate in October

Butler County posted the highest county foreclosure rate in Ohio for October, with one in every 257 housing units receiving a foreclosure filing — 1.7 times the state average. Licking County ranked second highest, reporting one in every 261 housing units receiving a foreclosure filing — 1.7 times the state average. Lucas County had the third highest rate, with one in every 287 housing units receiving a foreclosure filing — 1.5 times the state average. Montgomery County posted the fourth highest foreclosure rate, where one in every 288 housing units received a foreclosure filing during the month — 1.5 times the state average.

 

Five counties dominates state in foreclosure totals during October

Cuyahoga County led all counties, totaling 1,879 properties with foreclosure filings for October. Franklin County was second highest, documenting 908 properties with foreclosure filings. Montgomery County posted the third highest foreclosure total in Ohio, reporting 884 properties with foreclosure filings for the month. Hamilton County came in fourth, reporting 845 properties with foreclosure filings, while the fifth highest total was in Lucas County, where 707 properties with foreclosure filings were reported for the month.

 

State responsible for 4 percent of nation’s foreclosure activity in October

Ohio accounted for 4 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

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 Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Ohio

0

4,628

0

3,503

3,515

11,646

435

0.89

n/a

 

 

 

 

 

 

 

 

 

 

Butler

0

195

0

93

271

559

257

1.50

1.69

Licking

0

64

0

103

86

253

261

1.48

1.67

Lucas

0

410

0

120

177

707

287

1.34

1.51

Montgomery

0

250

0

348

286

884

288

1.34

1.51

Knox

0

30

0

18

35

83

290

1.33

1.50

 

 

Ohio Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Ohio

0

4,628

0

3,503

3,515

11,646

435

6.52

-3.82

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

746

0

640

493

1,879

330

15.06

-0.69

Franklin

0

641

0

21

246

908

575

0.00

-37.72

Montgomery

0

250

0

348

286

884

288

76.10

53.21

Hamilton

0

215

0

394

236

845

455

5.89

19.35

Lucas

0

410

0

120

177

707

287

50.43

-15.13

 

 

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