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Ohio ranked 7th overall in 2014 foreclosures

DARKE COUNTY – According to RealtyTrac, the nation’s leading source for comprehensive housing data, 1.1 million U.S. properties were reported with foreclosure filings in 2014, the lowest annual total since 2006.

‘The U.S. foreclosure numbers in 2014 show a foreclosure market that is close to finding a floor and stabilizing at a historically normal level,” said RealtyTrac Vice President Daren Blomquist. “But a recent surge in foreclosure starts and scheduled foreclosure auctions in several states in the last few months of 2014 indicate that lenders are gearing up for a spring cleaning of deferred distress in the first half of 2015 in some local markets.”

According to Darke County Clerk of Courts Cindy Pike, the Darke County number of new foreclosure cases in 2014 were 152, down by just 10 cases from the 162 in 2013.

“This is the lowest number of filings for Darke County since 2001 when it matched the 152 and increased yearly until 2009,” she added.

The number of cases in 2014 is less than half of what it was in the peak years of 2008 and 2009 with 311 being filed each of those years. The largest increase in number of cases was between 2000 when 89 actions were filed and 2001 with 189 filings.

The number of new Darke County cases started decreasing in 2010 when 275 actions were filed and the largest decrease was between 2010 and 2011 when only 198 were filed, a difference of 77 cases. It then increased again in 2012 with 222 foreclosure filings.

U.S. foreclosure starts in December increased six percent from the previous month and 14 percent from a year ago, making a 17 month high. December was the second consecutive month where U.S. foreclosure starts increased from a year ago following 27 consecutive months of annual decreases in foreclosure starts.

“The December surge in foreclosure starts is not a cause for concern, as it comes from a previously existing supply of distressed properties,” said Andres Carbacho-Burgos, Senior Economist at Moody’s Analytics, a company that analyzes RealtyTrac foreclosure data to forecast foreclosure trends. “The national pool of distressed mortgages has not increased despite the surge in foreclosure filings.

Despite this annual increase in foreclosure starts in December and November, foreclosure starts for all of 2014 were still down compared to the previous year. A total of 643,193 U.S. properties started the foreclosure process in 2014, down 14 percent from 2013 and down 70 percent from the peak of 2,139,005 foreclosure starts in 2009.

Michael Mahon, executive vice president at HER Realtors, covering the Cincinnati, Columbus and Dayton markets, indicated that while 2015 predictions call for continued stable growth across Ohio, potential risks to the housing recovery still exist. These include increased lending regulations such as new collateral underwriting procedures being implemented this month as well as the fact that foreclosure rates in many areas across the state continue to remain at greater levels than they were in 2006.

“Balanced growth takes time, and it is the stability of the Ohio markets that continues to attract consumers, investors and employers to the region,” he emphasized.

According to U.S. Foreclosure market data by state, Ohio was ranked 7th overall with 59,106 total property filings in 2014. This included 4,152 filings in Dayton.

Florida was first with 206,247 filings and North Dakota was 50th with just 30 filings reported.

Stacie Ward can be reached by calling her directly at 937-569-4314 or by emailing her at sward@civitasmedia.com. For more features online, visit Advocate360.org or “like” The Daily Advocate on Facebook by searching for Advocate 360.

Article source: http://dailyadvocate.com/news/home_top-news/151489206/Ohio-ranked-7th-overall-in-2014-foreclosures

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