Foreclosures Spiking in Central Ohio
In central Ohio foreclosures spiked by 40% during the second quarter. Of the 50 metropolitan zones Columbus came to rank first during the second quarter according to RealtyTrac based in Irvine, California. It compiles data on real estate. Central Ohio was placed 31st on the foreclosure list with 6,825 foreclosure postings in this quarter. It calculated to a proportion of one house out of every 122 houses being in foreclosure. In Ohio 37,689 houses entered the foreclosure net during this quarter with a rate of one out ever o134 houses being foreclosed upon.
By foreclosure ReatlyTrac refers to all the three stages of the judicial process of foreclosure from default and auction notices to bank repossessions. Bank repossessions took up 30% of all the foreclosure operations across the country during this quarter. It is an increase of 24% from the first quarter, said James Saccacio, the CEO of RealtyTrac.
But Columbus has something to be thankful about – its position is far better than Stockton that heads the metro list with one foreclosure for each 15 houses. The worst hit markets were in the west and southeast. Second on the list was Riverside-San Bernardino in California State with a foreclosure rate of one house out of every 32 houses being in the red. Close on the heels follows Las Vegas with one out of every 25 houses being on the foreclosure list.
Among the metro areas those with the least number of foreclosures were Allentown-Bethlehem-Easton with one out of 317 being foreclosure listed. In Honolulu there was one foreclosure for every 250 houses.
According to RealtyTrac among the cities in Ohio, Toledo ranked 21st in the country with one foreclosure for every 92 units. Akron, Cleveland and Dayton ranked 22nd, 26th and 29th respectively. Their respective foreclosure rates were one out of 93 houses in Akron, one out of 108 houses in Cleveland and one out of 115 houses in Dayton. Cincinnati ranked 41st with one out of 161 houses being foreclosed upon.
Among the states Nevada topped the ranks with one foreclosure out of every 43 units. California came second with one for every 65 houses being foreclosed upon. Arizona came third with a foreclosure rate of one out of every 70 houses.
The most stable markets were witnessed in Vermont with a foreclosure rate of one foreclosure for every 8,366 houses. North Dakota came second with one foreclosure for every 6.035 units.
- Amidst Foreclosures, People hold Negotiations for Lower Mortgage Payment
- The Middle-Class is now Being Affected by Foreclosures
- Lenders Seem to be Making more Money from Foreclosures than from Modifications
- Foreclosures and Unemployment Tries Out the Patience of Chicago
- Increase in Foreclosures has Led many Legal Personnel to Opt for Assistance Dealings
- Foreclosures are One of the Prime Reasons for Increasing Homelessness
