OHIO FORECLOSURE ACTIVITY JUMPS 36 PERCENT IN AUGUST

Total Up 63 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – August 31, 2006 – Ohio reported 7,468 properties entering some stage of the foreclosure process in August, a jump of 36 percent from the 5,486 properties reported in July, and more than 63 percent above the 4,570 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report. The state had the seventh highest foreclosure rate in the nation for the month — reporting one new foreclosure filing for every 640 households.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Lackluster economic growth, high energy costs and continued softening in the real estate sector are contributing factors to the increase we’re seeing in Ohio’s foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home price appreciation that is well below the national average combined with a declining median sales price is making it harder for homeowners in distress to get out of a bad situation.”

 

Only Florida, Texas and California reported more foreclosures in August than fourth place Ohio. Overall, the state reported 5,000 less foreclosures than third place California, but only 400 more foreclosures than fifth place Illinois. The state’s foreclosure rate for the month was 1.6 times the national average.

 

Cuyahoga, Franklin, Montgomery counties lead state in activity

Three counties accounted for 56 percent of all foreclosure activity in Ohio for August. Cuyahoga County led the state reporting 2,075 properties entering some stage of the foreclosure process during the month. Franklin County registered the second highest total, reporting 1,381 properties in some stage of the foreclosure process for the month. Montgomery County reported the third highest total with 742 properties in the foreclosure pipeline.

 

Cuyahoga County posts state’s top foreclosure rate

Cuyahoga County posted the top foreclosure rate in the state for August, reporting one new foreclosure filing for every 297 households — 2.1 times the state average and 3.4 times the national average. Coming in a close second was Stark County reporting one new foreclosure filing for every 317 households — twice the state average and 3.2 times the national average. The third highest rate in the state was found in Montgomery County, which reported one new foreclosure filing for every 335 households –1.9 times the state average and 3 times the national average.

 

State total a significant contributor to monthly national total

Total foreclosure activity in Ohio accounted for more than 6 percent of the 115,292 properties entering some stage of foreclosure nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                             Ohio Foreclosure Market by County – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Ohio

114

4,325

0

0

3,029

7,468

640

1.57

 

 

 

 

 

 

 

 

 

 

Adams

0

1

0

0

0

1

11822

0.08

0.05

Allen

0

2

0

0

0

2

22123

0.05

0.03

Ashland

0

0

0

0

9

9

2315

0.43

0.28

Ashtabula

0

63

0

0

61

124

353

2.84

1.81

Athens

0

0

0

0

6

6

4150

0.24

0.15

Auglaize

0

12

0

0

0

12

1540

0.65

0.42

Belmont

1

0

0

0

9

10

3124

0.32

0.21

Brown

0

3

0

0

12

15

1146

0.88

0.56

Butler

5

12

0

0

94

111

1169

0.86

0.55

Carroll

0

1

0

0

1

2

6508

0.15

0.10

Champaign

0

1

0

0

1

2

7945

0.13

0.08

Clark

3

3

0

0

41

47

1299

0.77

0.49

Clermont

1

105

0

0

50

156

444

2.26

1.44

Clinton

0

3

0

0

1

4

4144

0.24

0.15

Columbiana

0

2

0

0

20

22

2095

0.48

0.31

Coshocton

0

0

0

0

7

7

2301

0.44

0.28

Crawford

0

0

0

0

1

1

21178

0.05

0.03

Cuyahoga

23

1,078

0

0

974

2,075

297

3.37

2.15

Darke

0

1

0

0

11

12

1799

0.56

0.36

Delaware

1

3

0

0

16

20

2119

0.47

0.30

Erie

0

2

0

0

5

7

5000

0.20

0.13

Fairfield

1

2

0

0

23

26

1846

0.54

0.35

Fayette

0

0

0

0

15

15

794

1.26

0.81

Franklin

13

1,134

0

0

234

1,381

341

2.94

1.88

Fulton

0

1

0

0

8

9

1804

0.56

0.36

Geauga

1

0

0

0

11

12

2734

0.37

0.23

Greene

1

2

0

0

27

30

1941

0.52

0.33

Guernsey

0

0

0

0

2

2

9386

0.11

0.07

Hamilton

2

199

0

0

33

234

1596

0.63

0.40

Hancock

0

0

0

0

13

13

2291

0.44

0.28

Hardin

0

26

0

0

1

27

478

2.10

1.34

Henry

0

6

0

0

0

6

1939

0.52

0.33

Highland

0

12

0

0

19

31

567

1.77

1.13

Huron

1

1

0

0

5

7

3371

0.30

0.19

Jefferson

0

0

0

0

1

1

33201

0.03

0.02

Knox

0

1

0

0

0

1

21793

0.05

0.03

Lake

1

4

0

0

42

47

1989

0.50

0.32

Lawrence

1

0

0

0

4

5

5438

0.18

0.12

Licking

2

0

0

0

44

46

1277

0.79

0.50

Logan

2

0

0

0

7

9

2397

0.42

0.27

Lorain

3

32

0

0

45

80

1392

0.72

0.46

Lucas

8

284

0

0

107

399

492

2.04

1.30

Madison

0

10

0

0

9

19

755

1.33

0.85

Mahoning

4

11

0

0

72

87

1285

0.78

0.50

Marion

0

2

0

0

0

2

13105

0.08

0.05

Medina

0

5

0

0

31

36

1578

0.64

0.41

Miami

1

1

0

0

3

5

8111

0.12

0.08

Montgomery

9

517

0

0

216

742

335

3.00

1.91

Morgan

0

0

0

0

1

1

7771

0.13

0.08

Morrow

2

0

0

0

9

11

1103

0.91

0.58

Muskingum

2

3

0

0

34

39

902

1.11

0.71

Ottawa

0

19

0

0

1

20

1277

0.79

0.50

Perry

1

0

0

0

1

2

6828

0.15

0.09

Pickaway

0

1

0

0

15

16

1162

0.86

0.55

Pike

0

0

0

0

5

5

2320

0.43

0.28

Portage

4

54

0

0

30

88

683

1.47

0.94

Preble

1

0

0

0

0

1

17186

0.06

0.04

Richland

1

0

0

0

36

37

1434

0.70

0.45

Ross

2

2

0

0

11

15

1964

0.51

0.33

Sandusky

0

1

0

0

2

3

8418

0.12

0.08

Scioto

0

1

0

0

2

3

11351

0.09

0.06

Seneca

1

0

0

0

2

3

7897

0.13

0.08

Shelby

0

7

0

0

3

10

1868

0.54

0.34

Stark

6

226

0

0

263

495

317

3.16

2.02

Summit

9

396

0

0

157

562

411

2.44

1.56

Trumbull

1

9

0

0

77

87

1093

0.92

0.59

Tuscarawas

0

1

0

0

19

20

1906

0.53

0.34

Union

0

23

0

0

6

29

525

1.91

1.22

Warren

0

2

0

0

42

44

1334

0.75

0.48

Washington

0

0

0

0

4

4

6940

0.14

0.09

Wayne

0

0

0

0

16

16

2645

0.38

0.24

Williams

0

2

0

0

0

2

8070

0.12

0.08

Wood

0

36

0

0

1

37

1283

0.78

0.50

Wyandot

0

0

0

0

1

1

9324

0.11

0.07

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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