The National Foreclosure Race

It is a real race that is on – foreclosures catching up fast from state to state. Ohio ranks 3^rd and Michigan ranks as 5^th. In Lucas County, Cathleen Tillman dealing with foreclosures in the Sheriff’s office says that since the last two and half years the number has doubled. On Wednesday 31^st October about 80 houses were auctioned in the court premises. The number is alarmingly high compared to an average of 35/40 units placed for bids in 2005 during the same time period. Tillman is flooded with foreclosure papers. There are no signs of the weather easing for the better. In a quarterly report released on Thursday 1^st November shows that Ohio has the third highest number of foreclosures in the country, with 46,818 filings on 35,242 units from July to September. It marks a 28% increase over the last second quarter.

In Michigan there were 43,786 foreclosure problems showing a 66% jump over the second quarter. This ranks the state 5^th in the foreclosure cross-country race. The top two rankers during this quarter were California and Florida respectively. Lucas County recorded 2,396 foreclosure actions in the third quarter – a rise of 82% over the second quarter and a record 305% rise over the third quarter of 2006. In Wood County and Monroe County there were 66 and 168 foreclosure problems showing a rise of 44% and 18% from the previous quarter respectively

Foreclosure is a legal process and includes many steps. The numbers include default and auction sale notices as well as bank repossessions. Across the nation there have been 635.159 foreclosure listings on 446,726 properties. This means a 30% increase from the second quarter and a 100% high jump in relation to the third quarter of the previous year – that is 2006. Since January 2005, the months of August and September 2007 have been the worst affected.

The increase in activity has led to overwork pressures in the courtroom. The Common Pleas Judge of the County had to increase the rate of filing foreclosures from $200 to $350. This money was utilized to pay overtime to the staff of the Sheriff’s office. By working extra the foreclosure process, which finally leads to the handing over the unit to the new owners, has been cut down by three to four months. The attorney’s of the latter had been pressurizing the office for the delay.

Via

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