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April figures 65 percent more than in February. Reports filed for 11,680 properties in Ohio
Published on Thursday, May 15, 2008
Associated Press
Ohio ranked eighth in the nation in home foreclosure proceedings in April, according to the newest monthly report from RealtyTrac of Irvine, Calif.
One in every 432 homes in the state had some type of filing during the month.
Foreclosure filings were reported on 11,680 Ohio properties in April, the third highest state total behind California and Florida. Ohio foreclosure activity increased nearly 4 percent from the previous month and more than 2 percent from April 2007.
By ratio, the hardest hit states were Nevada (one in 146), California (one in 204), and Arizona (one in 224).
Nationwide, 243,353 homes received at least one filing, up 65 percent from 147,708 in the same month last year and up 4 percent since March, RealtyTrac said.
RealtyTrac monitors default notices, auction sale notices and bank repossessions. Each quarter, the company reports on metropolitan areas in addition to states.
One in every 519 U.S. households received a foreclosure filing in April. Foreclosure filings increased from a year earlier in all but eight states.
The April data show nearly half of the properties received an initial notice of default, suggesting many homes were new to the process.
''We're still sitting at roughly the same percentage of loans handled in any way successfully as we were a year ago, and the
volume [of foreclosure filings] still keeps going up,'' said Rick Sharga, RealtyTrac's vice president of marketing. ''It's apparent that what they've tried so far isn't working.''
The U.S. House passed a bill last week that would offer government insurance on $300 billion in new mortgages to refinance loans for an estimated half-million borrowers facing foreclosure, particularly those who now owe more than their houses are worth because of declining values.
House lawmakers also passed a bill that would send $15 billion to states to buy and fix foreclosed homes.
Still, should the homeowner aid package clear the Senate, it faces a potential hurdle in the White House, which has threatened to veto the plan, arguing it's too risky and amounts to a lender bailout.
More than 1 million home foreclosures are forecast for 2008.
''It doesn't look like the volume is going to slow down any time soon,'' Sharga said.
More than 54,500 properties were repossessed by lenders nationwide in April. In all, about 2 percent of U.S. households were in some stage of foreclosure during the month, RealtyTrac said.
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