WTVN Local News

 

Ohio seeing increase in foreclosures

Ohio seeing increase in foreclosures

COLUMBUS, Ohio (WTVN) -- Foreclosures are going down nationally, but Ohio is bucking the trend. The Buckeye State saw a 19 percent increase in foreclosures from July to August and a 4 percent increase from a year ago. That puts Ohio's foreclosure rate at third highest in the nation.

Darren Bloomquist with RealtyTrac says the main reason for the increase in Ohio is the fact that the process, which goes through the court, takes longer.

"It's not necessarily that all of the sudden the economy is tanking in those markets and we're seeing a another recession or anything like that," Bloomquist said.

The foreclosure process was started for the first time on 2,998 Ohio properties in August, a 44 percent increase from the previous month but still down 27 percent from a year ago. It's the highest number since February. The jump in Ohio foreclosure starts in August followed three consecutive monthly decreases in foreclosure starts.

"Unfortunately we probably have a little more pain and it's probably going to get worse before it gets better in Ohio," Bloomquist said.

The national foreclosure rate dropped in August, but three Ohio cities -- Akron, Cleveland and Toledo -- cracked into the nation's top 10 metro foreclosure rates for the month. Toledo ranked 7th nationwide with a foreclosure rate of one in every 384 housing units with a foreclosure filing. Cleveland ranked 8th, and Akron was 10th.

The total number of properties with foreclosure filings in the Columbus (27th), Cincinnati (30th) and Dayton (13th) metro areas all increased from July to August, and all three metro foreclosure rates ranked among the top 30 highest nationwide for the month.

The national average is one foreclosure for every 1,000 homes, but every Ohio metro area tracked by RealtyTrac is worse than that.

(Photo courtesy Getty Images)

Foreclosure Market Data by Ohio Metro - August 2013

    Properties with Foreclosure Filings
Nat'l Rate Rank Metro LIS (Starts) NFS (Auctions) REO Total 
1/every X HU (rate)
 %Change from Jul 13 %Change from Aug 12
-- Ohio 2,998 2,961 3,583 9,542 537 19.13 3.51
7 Toledo, OH 242 252 290 784 384 144.24 -0.63
8 Cleveland-Elyria-Mentor, OH 886 813 784 2,483 384 29.46 1.89
10 Akron, OH 263 259 273 795 393 35.90 107.57
13 Dayton, OH 213 275 442 930 414 80.93 13.41
27 Columbus, OH 559 288 614 1,461 540 5.64 -2.27
30 Cincinnati-Middletown, OH-KY-IN 459 624 520 1,603 571 6.51 21.90
58 Youngstown-Warren-Boardman, OH-PA 63 110 135 308 844 6.94 -19.37
65 Canton-Massillon, OH 42 46 116 204 876 -41.88 -29.17
 

More Articles