Ohio Foreclosure Activity Up in Third Quarter

Total foreclosure filings rise 20 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 36,677 Ohio properties during the third quarter, a 20 percent increase from the previous quarter and up 24 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Ohio reported 13,094 properties with foreclosure filings, a 3 percent decrease from the previous month, but 20 percent above the level reported for the same month last year. One in every 388 Ohio housing units received a foreclosure filing in September, on par with the national average and ranking the 13th highest foreclosure rate among the 50 states.

 

“Foreclosure activity heated up in Ohio in the third quarter of 2010, with more filings than in the previous quarter and as compared to the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment continues to be a problem in Ohio, much like it is in most manufacturing-reliant states, further adding to Ohio’s ongoing foreclosure woes.”

 

California continued to have the highest foreclosure activity in the nation with 191,016 properties with foreclosure filings in the quarter.  The nation’s second highest foreclosure activity continued in Florida, where 157,026 properties with foreclosure filings were reported for the quarter. Arizona had the third highest activity level, reporting 49,103 properties with foreclosure filings. Illinois was fourth, tallying 47,802 properties with foreclosure filings. Fifth highest total was in Michigan, where 46,100 properties with foreclosure filings were reported for the quarter.

 

The remaining states in the nation’s top 10 for total third quarter foreclosure activity were Georgia (41,231), Nevada (38,429), Ohio (36,677), Texas (34,187) and Washington (16,803). In all, the top five states accounted for 53 percent of all foreclosure filings in the nation during the third quarter.

 

One in every 139 Ohio housing units received a foreclosure filing during the quarter, the 13th highest state foreclosure rate in the nation.

 

Franklin County led state with top foreclosure rate in third quarter

Franklin County posted the highest foreclosure rate in the state during the third quarter of 2010, where one in every 89 housing units received a foreclosure filing — 1.6 times the state average. Marion County posted the second highest foreclosure rate, where one in every 93 housing units received a foreclosure filing during the period — 1.5 times the state average. Mahoning County documented the third highest foreclosure rate, where one in every 97 housing units received a foreclosure filing — 1.4 times the state average.

 

Franklin County also posts state’s top foreclosure total in third quarter

Franklin County also led the state in foreclosure activity, reporting 5,893 properties with foreclosure filings for the quarter. Cuyahoga County had the second highest total, reporting 5,531 properties with foreclosure filings. Montgomery County was third, tallying 2,380 properties with foreclosure filings. Hamilton County was fourth highest, reporting 2,139 properties with foreclosure filings. Summit City had the fifth highest total, reporting 1,955 properties with foreclosure filings for the quarter.

 

State a moderate contributor to nation’s foreclosure total for the quarter

Four percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Ohio. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Ohio

0

13,205

0

12,301

11,171

36,677

139

1.00

n/a

 

 

 

 

 

 

 

 

 

 

Franklin

0

1,804

0

2,889

1,200

5,893

89

1.56

1.55

Marion

0

108

0

73

119

300

93

1.49

1.49

Mahoning

0

290

0

107

775

1,172

97

1.42

1.42

Erie

0

92

0

71

214

377

100

1.39

1.39

Muskingum

0

105

0

74

164

343

103

1.34

1.34

 

 

Ohio Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Ohio

0

13,205

0

12,301

11,171

36,677

139

19.69

23.72

 

 

 

 

 

 

 

 

 

 

Franklin

0

1,804

0

2,889

1,200

5,893

89

69.63

143.92

Cuyahoga

0

2,415

0

1,546

1,570

5,531

112

17.28

2.22

Montgomery

0

1,037

0

607

736

2,380

107

36.47

61.14

Hamilton

0

576

0

1,121

442

2,139

180

-5.94

3.58

Summit

0

621

0

661

673

1,955

125

52.14

60.77

 

 

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