Pappas Realty Co... "Commercial Real Estate...Exclusively" in Northeast Ohio since 1957

Friday, March 07, 2008

Foreclosure record set

4Q rate is worst in US;
60,000 homes in court proceedings


Ohio ended the last quarter of 2007 with the nation's worst foreclosure rate, data released Thursday by the Mortgage Bankers Association show.

Meanwhile, foreclosures hit a record of 83,230 in Ohio although they grew at a slower rate of 5.3 percent for 2007, according to new annual data from the state Supreme Court.

Foreclosures rose in 72 of the state's 88 counties. Hamilton County ranked third in the number of foreclosures with 6,277, behind Cuyahoga and Franklin counties.

Hamilton County, however, saw its 2007 foreclosures grow at a faster rate than in Ohio's other large counties.
Cuyahoga saw filings increase 4.8 percent in 2007; Franklin saw an increase of 0.6 percent; while both Montgomery and Summit counties saw slight declines.
In Southwest Ohio, Warren County saw the fastest rate of increase, with a 19.6 percent rise in foreclosures to 1,231.

The four-county region's 11,397 combined foreclosures grew faster than the rest of the state, rising 8.8 percent for the year.

The bankers association data showed the percentage of mortgaged Ohio homes in foreclosure climbed to almost 3.9 percent in the fourth quarter of 2007, up from 3.7 percent in the third quarter.
Ohio ended the fourth quarter with a growing pipeline of potential new foreclosures, the association's report showed. Total new delinquencies not yet in foreclosure also rose to almost 7.7 percent, up from 7.2 percent three months ago.

The new data suggest Ohio ended the fourth quarter with more than 60,000 homes in active foreclosure and almost 119,000 more behind on mortgage payments out of a pool of more than 1.5 million home loans. That compares with national figures of 938,000 foreclosures and 2.9 million households behind on payments out of almost 46 million active mortgages.

Kentucky, ranked ninth nationally, also saw the rate of its mortgaged homes in foreclosure inch higher to 2.3 percent at the end of 2007, up from 2.1 percent three months earlier. Total delinquent loans not yet in foreclosure also increased to 6.8 percent, up from 6.2 percent in the fall.



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