Foreclosure activity in Ohio fell 13 percent in May to 10,379 properties with foreclosure filings. This latest state total also represents an 8 percent decrease from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.
While those numbers are positive on a state-wide level, the numbers in Marion Counties are over twice that of the state average.
“Remaining among the 10 worst affected states in the nation in terms of foreclosure activity, Ohio’s reported filings for April were actually below what was reported for one month earlier and for the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though small improvements are being made, the state continues to lag behind much of the nation in its recovery, both in terms of foreclosure activity and unemployment, which is now just below 11 percent.”
The state’s foreclosure rate ranked fourteenth in the nation, as one in every 489 Ohio housing units received a foreclosure filing during the month.
Marion County posted the highest foreclosure rate in Ohio for May, with one in every 207 housing units receiving a foreclosure filing — 2.4 times the state average. Muskingum County came in second, with one in every 232 housing units receiving a foreclosure filing — 2.1 times the state average. Lorain County had the third highest foreclosure rate, with one in every 278 housing units receiving a foreclosure filing. Clermont County posted the fourth highest foreclosure rate, with one in every 292 housing units receiving a foreclosure filing.
Cuyahoga County led the state, reporting 1,754 properties with foreclosure filings for the month. Franklin County was in second, documenting 913 properties with foreclosure filings. Reporting 575 properties with foreclosure filings for the month, Hamilton County held the third highest total. Montgomery County was fourth highest, reporting 526 properties with foreclosure filings.
Ohio accounted for 3 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.
California maintained the nation’s top foreclosure total with 72,030 properties with foreclosure filings. Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.
The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137) and New Jersey (7,993). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.
