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Ohio Foreclosure Problem Still a "Crisis"

daytondailynews.comJune 4, 2013

By Chelsey Levingston

The overall number of foreclosure filings in Ohio dropped in 2012, but one research group says the number of new foreclosure cases filed last year — 70,469 — remains to be at crisis levels.

Ohio saw 70,469 new foreclosure filings in 2012, a 1.5 percent decline from 2011, and a 17.6 percent decline from the number of cases brought against property owners in 2010, according to Ohio Supreme Court statistics.

New foreclosure cases are dropping from a peak level in 2009 of 89,061.

Statewide foreclosure filings increased 14 consecutive years through 2009, dropping in volume in 2010 for the first time in that many years, according to Court News Ohio, a court system news service.

However, the foreclosure rate is still four times what it was in 1995, according to analysis by the group Policy Matters Ohio. Policy Matters is a nonprofit, nonpartisan research institute with offices in Cleveland and Columbus. The nonprofit studies public policy issues.

“The economy cannot recover with 70,000 new foreclosure filings a year,” said David Rothstein, Policy Matters project director for asset building, and author of the group’s annual foreclosure report “Housing Insecurity” released in May.

“It’s so divided by zip code and area by where things are getting better and things are staying the same,” Rothstein said.

There were 35 counties of a total 88 Ohio counties that reported a higher caseload of foreclosures in 2012 compared to 2011, Court News Ohio said.

Common pleas courts in Champaign and Clark counties were among those to report increases in 2012 of 10 percent and 5 percent respectively.

Throughout the rest of southwest Ohio, new foreclosure filings declined in 2012 from the year before in the range of down 2 percent in Butler County, to a 9 percent drop in Warren County, according to Ohio Supreme Court data.

Foreclosure figures were examined for Butler, Champaign, Clark, Greene, Hamilton, Miami, Montgomery, Preble and Warren counties.

Dayton Daily News reported May 31 that newly released data for distressed property sales indicates Ohio is still working through a backlog of foreclosure inventory.

Fewer distressed homes sold nationwide last quarter, and the ones that were sold fetched higher prices on average, according to a RealtyTrac Inc. report released May 30.

But Ohio bucked the nationwide trend found in RealtyTrac’s report. Cincinnati, Cleveland, Columbus and the entire state recorded a higher number of foreclosure-related sales in the first quarter 2013 at lower prices. Ohio was one of 12 states to see an increase in distressed sales year-over-year.

Dayton was the only major Ohio metropolitan to record fewer distressed home sales and higher sales prices in line with the nation.

 

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