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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
 

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