Foreclosure filings drop 23 percent from Q4 2010, down 26 percent from a year ago
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 24,697 Ohio properties during the first quarter of 2011, down 23 percent from the fourth quarter of 2010 and 26 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
Ohio posted the 12th highest foreclosure rate in the nation, with one in every 206 Ohio housing units receiving a foreclosure filing during the quarter. Foreclosure filings were reported on 9,112 Ohio properties in March, a 6 percent increase from February, but down 29 percent from March 2010. Unemployment in Ohio continued to improve, falling to 8.9 percent in March and marking a two-year low. One in every 559 Ohio housing units received a foreclosure filing in March, the 11th highest state foreclosure rate in the nation.
California led the country in quarterly foreclosure totals, with 168,543 properties with a foreclosure filing, followed by Florida, which reported 58,322 properties with foreclosure filings during Q1 2011. Third highest total for the quarter was tallied in Arizona, where 46,047 properties with foreclosure filings were reported. Georgia narrowly beat out Michigan for fourth highest total, reporting 37,509 properties with foreclosure filings. Reporting 37,506 properties with foreclosure filings for the period, Michigan ranked fifth highest.
The rest of the nation’s top 10 state foreclosure totals for the first quarter of the year included: Texas (34,646), Illinois (33,092), Nevada (32,066) and Colorado (13,847). The top five states accounted for 51 percent of the nation’s total quarterly foreclosure activity.
Perry County reports state’s top foreclosure rate in the first quarter
Perry County posted the highest foreclosure rate in Ohio during the first quarter of 2011, with one in every 111 housing units receiving a foreclosure filing — 1.9 times the state average. Madison County had the second highest foreclosure rate, with one in every 124 housing units receiving a foreclosure filing — 1.7 times the state average. One in every 133 housing units in Butler County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 1.6 times the state average.
Franklin County leads the state in foreclosure activity for first quarter
Franklin County led the way, reporting 3,486 properties with foreclosure filings during the quarter. Cuyahoga County was second highest in the state, reporting 3,151 properties with foreclosure filings. Third highest total was tallied in Montgomery County, where 1,655 properties with foreclosure filings were reported. Reporting 1,577 properties with foreclosure filings for the quarter, Hamilton County registered the fourth highest total in the state. Fifth highest was Summit County, where 1,461 properties with foreclosure filings were reported for the quarter.
State the ninth largest contributor to nation’s foreclosure total in first quarter
Ohio accounted for 4 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.
“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”
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 – Q1 2011
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Ohio Top Foreclosure Totals by County – Q1 2011
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