Ohio Foreclosure Activity Up Slightly in October

Foreclosure filings up 1 percent from September; rate 11th highest

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 13,233 Ohio properties in October, a one percent increase from the previous month and 14 percent above the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 384 Ohio housing units received a foreclosure filing in October, maintaining the state’s status as the 11th highest foreclosure rate in the nation for the month.

 

Ohio foreclosures were up slightly in October, said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which rose 10 percent for the month. The state’s unemployment rate is still above the national average. However, it has been coming down slowly over the past few months. Home sales here were also much higher than most states after the second quarter. If these trends continue, we may see foreclosures begin to come down here in the near future.”

 

California continued to lead the nation in total foreclosures in October with 66,475 properties with foreclosure filings. Florida remained in sole possession of second place, reporting 56,858 properties with foreclosure for the month. Michigan maintained its third place ranking for the third consecutive month, reporting 19,288 properties with foreclosure filings for the month. Illinois moved up two spots to rank the fourth highest foreclosure total, tallying 16,969 properties with foreclosure filings, narrowly beating out fifth place Arizona, which moved down one spot reporting 16,538 properties with foreclosure filings for the month.

 

The remaining states in the nation’s foreclosure top 10 for October were Georgia (14,850), Ohio (14,205), Ohio (13,233), Texas (13,008) and Washington (6,346). The nation’s top 10 accounted for 72 percent of all foreclosure filings in the nation for the month.

 

Lucas County posts state’s top foreclosure rate for October

Lucas County posted the highest county foreclosure rate in Ohio for the month, with one in every 257 housing units receiving a foreclosure filing during October — 1.5 times the state average. Richland County registered the second highest foreclosure rate, with one in every 271 housing units receiving a foreclosure filing during the month — 1.4 the state average. Hamilton County was third highest, with one in every 279 housing units receiving a foreclosure filing — 1.4 times the state average.

 

Cuyahoga County dominates state foreclosure activity in October

Foreclosure activity was heaviest in Cuyahoga County, which reported 2,102 properties with foreclosure filings for the month. Franklin County tallied the second highest foreclosure level, reporting 1,667 properties with foreclosure filings. Third highest total was in Hamilton County, where 1,379 properties with foreclosure filings were reported. Fourth highest was Lucas County, where 794 properties with foreclosure filings were reported. Montgomery County filled out the top five for the month, reporting 755 properties with foreclosure filings.

 

State contributes 4 percent to nation’s monthly foreclosure total

Ohio accounted for 4 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Ohio

0

5,087

0

4,332

3,814

13,233

384

1.01

n/a

 

 

 

 

 

 

 

 

 

 

Lucas

0

373

0

160

261

794

257

1.51

1.50

Richland

0

81

0

103

19

203

271

1.43

1.42

Hamilton

0

303

0

296

780

1,379

279

1.39

1.38

Madison

0

29

0

9

17

55

282

1.38

1.36

Marion

0

28

0

44

26

98

285

1.37

1.35

 

 

Ohio Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Ohio

0

5,087

0

4,332

3,814

13,233

384

1.06

13.63

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

876

0

832

394

2,102

295

-3.75

11.87

Franklin

0

733

0

723

211

1,667

315

-13.58

83.59

Hamilton

0

303

0

296

780

1,379

279

154.90

63.20

Lucas

0

373

0

160

261

794

257

26.84

12.31

Montgomery

0

254

0

260

241

755

338

-15.64

-14.59

 

 

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