Ohio Foreclosure Activity Rises in February

Statewide filings up 13 percent from January; Rate ninth highest

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 9,445 Ohio properties in February, a 13 percent increase from January and 10 percent above the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Ohio had the ninth highest foreclosure rate in the nation, reporting one in every 543 housing units with a foreclosure filing in February.

California continues to lead the nation in terms of total properties with foreclosure filings by a large margin, reporting 48,422 properties with foreclosure filings. Second ranked Florida reported 26,337 properties with foreclosure filings during the month. Third place was Illinois, where 13,298 properties with foreclosure filings were reported. Georgia moved up to the fourth highest total, reporting 12,356 properties with foreclosure filings while Michigan dropped a spot to fifth place, tallying 10,467 properties with foreclosure filings.

The remaining states that make up the nation’s top 10 in February include Texas (9,554), Ohio, Arizona (9,131), Pennsylvania (4,494) and Wisconsin (4,403). The top 10 accounted for 71 percent of the nation’s total foreclosure activity for the month.

Fayette County posts top foreclosure rate in the state for February
 One in every 282 housing units in Fayette County had a foreclosure filing in February — 2.3 times the national average and 1.9 times the state average — the highest foreclosure rate of all Ohio counties for the month. Warren County had the second highest rate of one in every 302 housing units with a foreclosure filing during the month — 2.1 times the national average and 1.8 times the state average. Butler County had the third highest rate of one in every 335 housing units with a foreclosure filing during the month — 1.9 times the national average and 1.6 times the state average.

Cuyahoga County has top foreclosure total in February
 Cuyahoga County had the highest foreclosure total, reporting 1,402 properties with foreclosure filings for the month. Franklin County was second highest, reporting 1,383 properties with foreclosure filings. Summit County was third, reporting 515 properties with foreclosure filings. Fourth highest was Hamilton County, recording 503 properties with foreclosure filings. Montgomery County was fifth, tallying 482 properties with foreclosure filings for the month.

State a major contributor to total foreclosure activity in February
 Ohio accounted for 5 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Ohio Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Ohio

0

3,930

0

3,146

2,369

9,445

543

1.17

n/a

 

 

 

 

 

 

 

 

 

 

Fayette

0

18

0

12

15

45

282

2.26

1.92

Warren

0

119

0

42

106

267

302

2.10

1.80

Butler

0

181

0

108

153

442

335

1.90

1.62

Franklin

0

633

0

524

226

1,383

381

1.67

1.42

Licking

0

70

0

49

61

180

385

1.65

1.41

 Ohio Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Ohio

0

3,930

0

3,146

2,369

9,445

543

13.45

9.85

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

595

0

490

317

1,402

443

21.91

68.92

Franklin

0

633

0

524

226

1,383

381

36.93

-5.73

Summit

0

253

0

147

115

515

476

59.44

-23.70

Hamilton

0

253

0

75

175

503

750

-7.02

8.64

Montgomery

0

106

0

200

176

482

529

-5.12

-19.67

 

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