Ohio Foreclosure Activity Drops in February

Statewide foreclosure filings down 4 percent; foreclosure rate nation’s 13th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 8,598 Ohio properties in February, a 4 percent drop in foreclosure activity from January and 24 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state’s activity level was down at every stage of the foreclosure process during the month, except auction notices which rose 14 percent. The number of bank repossessed properties (REOs) fell 11 percent from the previous month and default notices were down 12 percent. One in every 592 Ohio housing units received a foreclosure filing in February, making it the state with the nation’s 13th highest foreclosure rate for the month.

 

Ohio registered an unemployment rate of 9.4 percent in January. The state has remained at or above the 9 percent unemployment mark since February 2009.

 

The first eight states in the nation’s top 10 for total foreclosure activity in February included California (15,485), Florida (18,760), Arizona (15,485), Michigan (14,003), Georgia (12,807), Texas (11,562), Illinois (9,592) and Nevada (9,553). The top 10 states accounted for 72 percent of the nation’s total foreclosure activity for the month. Ohio also reported the ninth highest foreclosure total in the nation with 8,598 filings. Wisconsin filled out the nation’s top ten with 4,478 properties with foreclosure filings.

 

Butler County posts state’s top foreclosure rate in February

Butler County posted the highest foreclosure rate of all Ohio counties, with one in every 322 housing units receiving a foreclosure filing in February — 1.8 times the national average and 1.8 times the state average. Franklin County had the second highest foreclosure rate, with one in every 359 housing units receiving a foreclosure filing during the month — 1.6 times the national average and 1.7 times the state average. Summit County posted the third highest foreclosure rate, with one in every 361 housing units receiving a foreclosure filing — 1.6 times the national average and 1.6 times the state average.

 

Franklin County dominates state foreclosure totals in February

Reporting 1,467 properties with foreclosure filings, Franklin kept its status at the statewide leader. Cuyahoga County reported 830 properties with foreclosure filings, the second highest foreclosure total in the state. Summit County came in third, reporting 675 properties with foreclosure filings. Montgomery County was fourth, tallying 600 properties with foreclosure filings. Fifth highest was Hamilton County, where 463 properties with foreclosure filings were reported for the month.

 

State contributes 4 percent to nation’s foreclosure total in February

Four percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Ohio. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Ohio

0

3,441

0

3,074

2,083

8,598

592

0.97

n/a

 

 

 

 

 

 

 

 

 

 

Butler

0

161

0

194

94

449

322

1.79

1.84

Franklin

0

497

0

743

227

1,467

359

1.61

1.65

Summit

0

185

0

316

174

675

361

1.60

1.64

Clinton

0

2

0

43

4

49

370

1.56

1.60

Madison

0

19

0

10

10

39

398

1.45

1.49

 

 

Ohio Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Ohio

0

3,441

0

3,074

2,083

8,598

592

-3.65

-23.82

 

 

 

 

 

 

 

 

 

 

Franklin

0

497

0

743

227

1,467

359

76.96

33.73

Cuyahoga

0

591

0

81

158

830

747

-51.58

-52.95

Summit

0

185

0

316

174

675

361

22.73

62.65

Montgomery

0

256

0

185

159

600

425

-13.54

-28.32

Hamilton

0

114

0

207

142

463

831

-17.62

-34.79

 

 

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