Ohio Foreclosures Up Slightly in August

Ohio foreclosure activity rose in August, up to 11,368 properties with foreclosure filings for the month, a 3 percent increase from the previous month and less than 1 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“After declining for several months, Ohio foreclosures increased slightly in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest gain was in auctions, which rose 13 percent for the month. Combined with falling home prices and slow home sales, the state’s high unemployment rate is still keeping Ohio among the top 10 foreclosure states.”

 

Outdistanced by California (92,326), Florida (62,401), Michigan (19,359), Nevada (17,902), Arizona (17,807), Illinois (13,078), and Georgia (11,947), Ohio reported the eight highest foreclosure total in August with 11,368 properties with foreclosure filings.

 

Rounding out the nation’s top 10 states for total foreclosure filings in August were Texas (11,261) and New Jersey (8,316). Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

Madison County posts state’s top foreclosure rate in August

Madison County posted the highest county foreclosure rate in Ohio for August, with one in every 221 housing units receiving a foreclosure filing — twice the state average. Fayette County had the second highest foreclosure rate, with one in every 249 housing units receiving a foreclosure filing during the month — 1.8 times the state average. Butler County posted the third highest foreclosure rate, where one in every 265 housing units received a foreclosure filing —1.7 times the state average.

 

Five counties accounted for 45 percent of state’s foreclosure activity for August

Cuyahoga County led the way, tallying 1,997 properties with foreclosure filings for the month. Franklin County reported the second highest foreclosure total, documenting 945 properties with foreclosure filings. Reporting 843 properties with foreclosure filings for the month, Hamilton County posted the third highest total in the state. Lucas County was fourth highest, reporting 674 properties with foreclosure filings, while the fifth highest total was in Montgomery County, where 663 properties with foreclosure filings were reported for the month.

 

State responsible for 3 percent of nation’s foreclosure activity in August

Ohio accounted for 3 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Ohio

0

4,897

0

3,418

3,053

11,368

446

0.80

n/a

 

 

 

 

 

 

 

 

 

 

Madison

0

8

0

49

13

70

221

1.61

2.01

Fayette

0

14

0

28

9

51

249

1.43

1.79

Butler

0

191

0

92

260

543

265

1.35

1.68

Brown

0

32

0

24

8

64

301

1.19

1.48

Lucas

0

302

0

215

157

674

302

1.18

1.48

 

 

Ohio Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Ohio

0

4,897

0

3,418

3,053

11,368

446

3.15

0.08

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

875

0

562

560

1,997

311

-21.35

4.99

Franklin

0

648

0

34

263

945

553

19.32

-17.61

Hamilton

0

269

0

327

247

843

456

6.57

-15.45

Lucas

0

302

0

215

157

674

302

72.82

94.24

Montgomery

0

314

0

190

159

663

384

28.49

-25.59

 

 

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