Statewide foreclosure filings down 13 percent; state 15th highest foreclosure rate
Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 7,962 Ohio properties in April, down 13 percent from March and 33 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
One in every 640 Ohio housing units received a foreclosure filing in April, the nation’s 15th highest foreclosure rate.
Following Illinois (10,055), Texas (8,793), and Georgia (8,479), the Buckeye State reported the ninth highest activity level with 7,962 properties with foreclosure filings for the month. Colorado rounded out the nation’s top 10, reporting 4,379 properties with foreclosure filings. The first five states in the nation’s top 10 for April included California (55,869), Florida (19,649), Arizona (13,419), Michigan (12,996) and Nevada (11,761). The top five states accounted for 52 percent of the nation’s total foreclosure activity for the month.
Logan County tops in foreclosure rate for April
Logan County posted the highest foreclosure rate of all Ohio counties in April, with one in every 302 housing units receiving a foreclosure filing — 2.1 times the state average. Montgomery County posted the second highest foreclosure rate, where one in every 392 housing units received a foreclosure filing in April — 1.6 times the state average. Muskingum County came in third, with one in every 405 housing units receiving a foreclosure filing during the month — 1.6 times the state average.
Cuyahoga County led the state in foreclosure activity in April
Cuyahoga County led all counties in foreclosure activity, reporting 987 properties with foreclosure filings for the month. Franklin County was second highest, reporting 946 properties with foreclosure filings. Third highest in the state was Montgomery County, where 650 properties with foreclosure filings were reported. Hamilton County was fourth highest, tallying 527 properties with foreclosure filings. Fifth highest was Lucas County, where 424 properties with foreclosure filings were reported for the month.
State contributes 4 percent to nation’s foreclosure crisis in April
Ohio accounted for 4 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.
“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.
“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”
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 – April 2011
1/every X HU (rate)
Ohio Top Foreclosure Totals by County – April 2011
1/every X HU (rate)
% Chg Mar 11
% Chg Apr 10