The Press Newspaper

Toledo, Ohio & Lake Erie

The Press Newspaper

The Press Newspaper

For the first time in more than 10 years, foreclosure case filings in Ohio dropped from the previous year, according to data released recently by the Ohio Supreme Court.

ForeclosureFilings

In 2010, common pleas courts in Ohio reported 85,483 new residential and commercial foreclosure case filings to the Supreme Court. In 2009, there were 89,061 new case filings.

The Supreme Court began collecting foreclosure data in 1990. Since 2001, when the number of new filings statewide reached 43,419, foreclosures had grown steadily until 2009.

The biggest year-to-year jump occurred from 2005 to 2006 –  from 63,996 to 79,059 – an increase of nearly 24 percent.

Locally, Wood, Sandusky, and Lucas counties mirrored the statewide trend from 2009 to 2010 while Ottawa County realized an increase of 4 percent in new case filings.

Cuyahoga County continued to lead the state in the number of foreclosures with 12,285, but that was a 9 percent annual decline.

Fifty-eight counties saw decreases in the number of year-over-year foreclosures while 30 realized an increase.

In September, 2010, the Ohio Housing Finance Agency launched a program, Restoring Stability: A Save the Dream Ohio Initiative that utilized $320 million in federal assistance to assist homeowners with financial hardships in the hardest hit housing markets.

Douglas Garver, the agency’s executive director, estimated at the time about 26,000 homeowners would benefit from the funding.

The delinquency rate for mortgage loans on one-to-four-unit residential properties decreased to a seasonally adjusted rate of 8.22 percent of all loans outstanding as of the end of the fourth quarter of 2010, a decrease of 91 basis points from the third quarter of 2010, and a decrease of 125 basis points from one year ago, according to the Mortgage Bankers Association's (MBA) National Delinquency Survey.

A basis point is equal to one-hundredth of one percentage point, or 0.01 percent. 

The percentage of loans on which foreclosure actions were started during the fourth quarter was 1.27 percent, down seven basis points from last quarter and up seven basis points from one year ago.  The delinquency rate includes loans that are at least one payment past due but does not include loans in the process of foreclosure.  The percentage of loans in the foreclosure process at the end of the fourth quarter was 4.63 percent, up 24 basis points from the third quarter of 2010 and up five basis points from one year ago.

The percentage of loans that are 90 days or more past due, or in the process of foreclosure, was 8.57 percent, a decrease of 13 basis points from last quarter, and a decrease of 110 basis points from the fourth quarter of last year.

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