Ohio Foreclosure Activity Down in 2011

Filings down 27 percent from 2010, down 22 percent from 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 79,422 Ohio properties in 2011, down 27 percent from a year ago and 22 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The state posted the eleventh highest foreclosure rate in the nation, with one in every 64 Ohio housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 8,738 Ohio properties in December, a 14 percent decrease from November and down 17 percent from December 2010. One in every 583 Ohio housing units received a foreclosure filing in December, the 10th highest state foreclosure rate in the nation.

California continued to lead the country in foreclosure totals for 2011, reporting 428,045 properties with foreclosure filings. Florida was second, reporting 181,965 properties with foreclosure filings during 2011. Third highest total for the year was tallied in Arizona, where 113,967 properties with foreclosure filings were reported. Georgia had the fourth highest total, reporting 110,273 properties with foreclosure filings. Reporting 103,003 properties with foreclosure filings for the year, Illinois ranked fifth highest.

The rest of the nation’s top 10 state foreclosure totals for 2011 included Michigan (100,248), Texas (89,675), Ohio (79,422), Nevada (72,844) and Colorado (38,557). The top five states accounted for 50 percent of the nation’s total 2011 foreclosure activity.

Butler County has top foreclosure rate honors in 2011
 One in every 43 housing units in Butler County received a foreclosure filing during 2011 — 1.6 times the national average and 1.5 times the state average. Lucas County had the second highest rate with one in every 48 housing units reporting a foreclosure filing — 1.4 times the national average and 1.3 times the state average. Huron County had the third highest rate, reporting one in every 49 housing units with a foreclosure filing — 1.4 times the national average and 1.3 times the state average.

Cuyahoga County leads the state in foreclosure activity for 2011
 Cuyahoga County led the way, reporting 11,667 properties with foreclosure filings during 2011. Franklin County was second highest in the state, reporting 10,729 properties with foreclosure filings. Third highest total was tallied in Hamilton County, where 5,696 properties with foreclosure filings were reported. Reporting 4,729 properties with foreclosure filings for the year, Montgomery County registered the fourth highest total in the state. Fifth highest was Summit County, where 4,599 properties with foreclosure filings were reported for 2011.

State the eighth largest contributor to nation’s foreclosure total in 2011
 Ohio accounted for 4 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

Ohio Top Foreclosure Rates By County – 2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Ohio

79,422

1.56

64

1.07

n/a

 

 

 

 

 

 

Butler

3,330

2.30

43

1.59

1.47

Lucas

4,263

2.09

48

1.44

1.33

Huron

514

2.05

49

1.42

1.31

Franklin

10,729

2.04

49

1.41

1.30

Clermont

1,591

2.03

49

1.40

1.30

 Ohio Top Foreclosure Totals By County – 2011
 

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Ohio

79,422

1.56

64

-26.57

-21.84

 

 

 

 

 

 

Cuyahoga

11,667

1.88

53

-30.81

-28.10

Franklin

10,729

2.04

49

-26.41

-12.52

Hamilton

5,696

1.48

68

-14.68

-6.93

Montgomery

4,729

1.86

54

-31.19

-22.48

Summit

4,599

1.89

53

-12.00

2.52

 

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