Ohio Foreclosures Decline in November

Foreclosure filings down 21 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 10,458 Ohio properties in November, down 21 percent from the previous month and a one percent drop from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 486 Ohio housing units received a foreclosure filing in November, the 11th highest state foreclosure rate in the nation.

 

“Foreclosure activity in Ohio dropped in November to a level significantly below the previous month as well as what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The recent drop in foreclosure activity is likely due to the ‘robo-signing’ controversy which has slowed foreclosure proceedings across the country while lenders have their foreclosure processes reviewed.”

 

California reported 57,378 properties with foreclosure filings and remains firmly established as the national frontrunner. Florida had the second highest total, reporting 32,938 properties with foreclosure filings for the month, well ahead of third place Michigan, which reported 15,311 properties with foreclosure filings. Georgia moved up two spots to fourth place, tallying 14,423 properties with foreclosure filings. Moving up four spots in the nation’s top 10 for November, Texas was fifth highest, reporting 13,369 properties with foreclosure filings for the month.

 

The remaining Top 10 states for November were Illinois (12,941), Nevada (11,371), Ohio (10,458), Arizona (10,384) and Pennsylvania (5,672). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Marion County has top foreclosure rate in November

Marion County posted the top foreclosure rate in Ohio for November, with one in every 294 housing units receiving a foreclosure filing — 1.7 times the national average and 1.7 times the state average. Medina County came in second, reporting one in every 308 housing units receiving a foreclosure filing — 1.6 times the national average and 1.6 times the state average. Licking County came in third, with one in every 317 housing units receiving a foreclosure filing — 1.6 times the national average and 1.5 times the state average.

 

Cuyahoga County reports highest foreclosure total in November

Cuyahoga County had the top foreclosure total in November, reporting 1,602 properties with foreclosure filings. Franklin County had the second highest total reporting 1,446 properties with foreclosure filings. Hamilton County was third highest, tallying 764 properties with foreclosure filings. Montgomery County reported 650 properties with foreclosure filings for the month, the state’s fourth highest activity level. Lucas County was fifth, reporting 566 properties with foreclosure filings.

 

State the eighth largest contributor to total foreclosure total

Ohio accounted for 4 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Ohio

0

4,035

0

3,759

2,664

10,458

486

1.01

n/a

 

 

 

 

 

 

 

 

 

 

Marion

0

55

0

23

17

95

294

1.68

1.65

Medina

0

105

0

84

29

218

308

1.60

1.58

Licking

0

59

0

97

53

209

317

1.55

1.53

Butler

0

162

0

213

47

422

342

1.44

1.42

Lucas

0

188

0

149

229

566

360

1.37

1.35

 

 

Ohio Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Ohio

0

4,035

0

3,759

2,664

10,458

486

-20.97

-1.22

 

 

 

 

 

 

 

 

 

 

Cuyahoga

0

600

0

586

416

1,602

387

-23.79

13.70

Franklin

0

603

0

443

400

1,446

363

-13.26

37.71

Hamilton

0

245

0

386

133

764

503

-44.60

-18.64

Montgomery

0

321

0

181

148

650

392

-13.91

30.52

Lucas

0

188

0

149

229

566

360

-28.72

-9.00

 

 

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