A steep decline in the number of foreclosure filings in Ohio last month helped drive down U.S. foreclosure activity to its lowest level in more than a decade, according to figures released today by housing market tracker, RealtyTrac.
There were 3,801 Ohio properties with foreclosure filings in September — down 22 percent from August, and down 36 percent from the same month a year ago, according to RealtyTrac’s latest foreclosure report released Thursday.
That meant one in every 1,351 Ohio households had some sort of foreclosure filing last month, such as a default notice, scheduled auction or bank repossession, ranking the state No. 11 on the list of states with the highest foreclosure rates.
Still, the current foreclosure rate in Ohio represents a stark contrast to peak of the housing crisis in 2010 when about one in 99 households statewide had at least one foreclosure filing, ranking the state among the top three states for foreclosures in the country, according to RealtyTrac.
“We’re definitely seeing the downward trend in foreclosures continue,” said Karen O’Grady, president-elect of the Dayton Area Board of Realtors. “Five or 10 years ago, we saw foreclosures even in the luxury market, homes priced $500,000 and up. But we don’t see any of that anymore. There are still some pockets of foreclosures, but nothing like it was years ago.”
Nationwide, there were 82,972 U.S. properties with foreclosure filings in September, down 13 percent from August and 24 percent from a year ago — reaching the lowest level since December 2005, which was two years before the Great Recession began, according to RealtyTrac.
“Foreclosure activity has been on a steady slide downward over the past six years, finally dropping back below pre-crisis levels in September,” said Daren Blomquist, senior vice president at ATTOM Data Solutions — RealtyTrac’s parent. “The national foreclosure problem has been dying a long, slow death for quite some time.”
On a quarterly basis, there were 293,190 U.S. properties with foreclosure filings in the quarter that ended in September. That was up 4 percent from the same three-month period a year ago, but down 10 percent from the same quarter a year ago.
The most recent quarter was the fourth consecutive quarter in which U.S. foreclosure activity decreased on a year-over-year basis.
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