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Ohio foreclosure crisis may be nearing end

Most of those at risk of foreclosure have faced it by now, officials say.

A small ceremony at 1321 Arbor Ave. in Dayton's Walnut Hills neighborhood celebrates that the house now has a remodeled kitchen and bath, new flooring and basement waterproofing and energy efficiency enhancements, including windows, mechanical systems and appliances.

Jim Witmer A small ceremony at 1321 Arbor Ave. in Dayton's Walnut Hills neighborhood celebrates that the house now has a remodeled kitchen and bath, new flooring and basement waterproofing and energy efficiency enhancements, including windows, mechanical systems and appliances.

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By Chelsey Levingston, Staff Writer Updated 11:12 AM Thursday, February 16, 2012

The foreclosure crisis in Ohio will come to an end after one more rise in foreclosure-related action by lenders, real estate and banking officials said Wednesday.

Foreclosures are expected to fall once the market overcomes an anticipated spike in foreclosure-related filings spurred by the $25 billion foreclosure fraud settlement announced Feb. 9, the officials said. Those filings include new listings, scheduled auctions and bank repossessions.

“I think the majority of Ohio foreclosures have already been worked through the system, so while you’ll see a moderate bump, it won’t be as big as some other states,” said James Thurston, spokesman for the Ohio Bankers League “This is going to be the last glut. The foreclosure numbers in general will start to moderate and then they’ll start to fall.”

Anjanette Frye, president of the Dayton Area Board Realtors, agreed.

“We’re at the very end of what we would have considered the foreclosures crisis,” Frye said. Most homeowners who must face foreclose have done so by now, Frye said.

But Shaun Bond, director of the University of Cincinnati Real Estate Center, said, “For the next year or two, I think the foreclosure levels will stay pretty high.”

The landmark settlement will create a bump in foreclosure filings because it gives lenders clarity on the correct way to foreclose on homes, said Daren Blomquist, spokesman for RealtyTrac Inc., a California firm that tracks foreclosure-related filings nationwide. The lack of clarity is “what has been bogging down many foreclosures in the past year and a half.”

The number of foreclosure filings has fallen in Ohio’s major metro counties, including Montgomery and Hamilton counties, but has spiked in less-populated counties, including Miami, Greene and Butler counties, according to figures RealtyTrac released Wednesday.

In Montgomery County, the number of filings fell nearly 27 percent to 508 compared with January 2011. In Warren County, the number of filings fell to 172 from 176 from a year ago.

Miami County saw 59 foreclosure filings in January compared to just five filings the same month a year ago. Greene County had 110 foreclosure filings last month, compared to 52 in January 2011.

Frye said Miami and Greene counties have more rural and farm properties that take longer to foreclose on because they might involve agricultural contracts.

Overall Ohio had 8,325 foreclosure filings in January, a decline of 7 percent from a year ago. Ohio’s rate of foreclosures in January was the 12th highest in the U.S.

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