Ohio Foreclosure Activity Decreases in August

Filings decrease less than 1 percent from July; foreclosure rate No. 12 nationally

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,479 Ohio properties in August, less than 1 percent decrease from the previous month but a 19 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 377 Ohio housing units received a foreclosure filing during the month, the 12th highest state foreclosure rate in the nation.

 

Ohio foreclosures were down slightly in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which were down 8 percent for the month. While the state’s unemployment rate is still above the national average, it has been steadily moving downward. This has likely contributed to the decline.”

 

As it has for quite some time now, California led the nation in foreclosure activity with 69,143 properties with foreclosures filings. Florida continued as the state with the nation’s second highest level of activity, reporting 56,877 properties with foreclosure filings in August. Michigan took over the spot as state with the third highest foreclosure level, tallying 17,764 properties with foreclosure filings for the month. Illinois dropped one notch to fourth highest, reporting 16,808 properties with foreclosure filings. Reporting 16,510 properties with foreclosure filings for the month, Arizona stayed in fifth place.

 

The remaining states in the nation’s top 10 for total foreclosure activity in August were Georgia (16,366), Texas (14,290), Ohio (13,479), Nevada (13,385) and Washington (6,760). In all, these states accounted for 71 percent of all foreclosure filings in the nation for the month.

 

Mahoning County dominates the state in foreclosure rate for August

Foreclosure rates for August were led by Mahoning County, where one in every 223 housing units received a foreclosure filing during the month. One in every 254 housing units received a foreclosure filing in Pickaway County, for the second highest rate in the state. Coming in third was Franklin County, where one in every 256 housing units received a foreclosure filing in August. Fourth highest was Union County, where one in every 262 housing units received a foreclosure filing. Licking County came in fifth, with one in every 265 housing units receiving a foreclosure filing during the month.

 

Cuyahoga County posts top foreclosure total for August

Cuyahoga County led Ohio in total foreclosure activity for August, reporting 2,122 properties with foreclosure filings. Franklin County documented the second highest foreclosure activity, where 2,050 properties with foreclosure filings were reported. Montgomery County came in third, tallying 884 properties with foreclosure filings. Fourth highest was Summit County, where 741 properties with foreclosure filings were reported. Hamilton County came in fifth, reporting 739 properties with foreclosure filings for the month.

 

State contributes 4 percent to nation’s monthly foreclosure total

Ohio accounted for 4 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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: 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 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Ohio

0

4,879

0

4,936

3,664

13,479

377

1.01

n/a

 

 

 

 

 

 

 

 

 

 

Mahoning

0

118

0

69

324

511

223

1.71

1.69

Pickaway

0

22

0

27

29

78

254

1.50

1.49

Franklin

0

677

0

1,096

277

2,050

256

1.49

1.47

Union

0

32

0

27

13

72

262

1.45

1.44

Licking

0

65

0

119

66

250

265

1.44

1.42

 

 

Ohio Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Ohio

0

4,879

0

4,936

3,664

13,479

377

-0.24

18.57

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

812

0

650

660

2,122

292

-3.33

6.26

Franklin

0

677

0

1,096

277

2,050

256

-3.44

116.93

Montgomery

0

474

0

167

243

884

288

10.64

33.33

Summit

0

207

0

307

227

741

329

9.45

46.73

Hamilton

0

256

0

349

134

739

520

-19.15

-12.34

 

 

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