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Number down for second year in row. Many other urban Ohio counties reporting increases
By Rick Armon
Beacon Journal staff writer
POSTED: 07:38 a.m. EST, Jan 01, 2009
The number of foreclosure lawsuits filed by banks and other lenders in Summit County dropped in 2008 — the second consecutive year they have fallen.
The decline is some positive housing news for the county, which has seen home sales and average prices tumble. The Akron area has ranked as one of the worst locations in the nation for foreclosure activity.
Last year, there were 4,092 mortgage lawsuits filed, compared to 4,522 the previous year. Not all suits lead to an actual foreclosure when a home or property is lost.
The local decline bucks a trend being seen in many other urban counties in Ohio.
Stark, Hamilton, Montgomery and Lucas counties are reporting an increase in foreclosure suits. Meanwhile, Cuyahoga County, which still was tabulating the final numbers this week, expects them to dip by at least several hundred.
''We're skyrocketing up,'' Lucas County Clerk of Court J. Bernie Quilter said. ''We don't see any end. We thought for a while that it would slow.''
Lucas had 3,480 foreclosure lawsuits last year and had already topped 4,000 with a couple days left for banks and lenders to file, he said earlier this week.
Quilter blamed the uptick there on factory closings and job losses. While the rest of the state is experiencing a recession, a depression is beginning in the Toledo area, he said.
Experts said there are many reasons for the decline in Summit.
''I think they are running out of properties, No. 1,'' Summit County Clerk of Courts Daniel Horrigan said.
The other reasons include public awareness about seeking help, a mediation program started by county judges, and a decision by Freddie Mac and Fannie Mae to suspend new foreclosure actions temporarily, experts said.
Sharon Butler-McCray, the office manager and chief foreclosure counselor for the NID-Housing Counseling Agency in Akron, said her group is seeing fewer cases involving predatory lending, adjustable-rate mortgages and interest-only loans. Instead, people are seeking help because of job loss, medical bills or divorce, she said.
More landlords also are experiencing a problem, she added.
''I anticipate with more jobs being lost and cutbacks by employers, it will get worse before it gets better,'' Butler-McCray said.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
The number of foreclosure lawsuits filed by banks and other lenders in Summit County dropped in 2008 — the second consecutive year they have fallen.
The decline is some positive housing news for the county, which has seen home sales and average prices tumble. The Akron area has ranked as one of the worst locations in the nation for foreclosure activity.
Last year, there were 4,092 mortgage lawsuits filed, compared to 4,522 the previous year. Not all suits lead to an actual foreclosure when a home or property is lost.
The local decline bucks a trend being seen in many other urban counties in Ohio.
Stark, Hamilton, Montgomery and Lucas counties are reporting an increase in foreclosure suits. Meanwhile, Cuyahoga County, which still was tabulating the final numbers this week, expects them to dip by at least several hundred.
''We're skyrocketing up,'' Lucas County Clerk of Court J. Bernie Quilter said. ''We don't see any end. We thought for a while that it would slow.''
Lucas had 3,480 foreclosure lawsuits last year and had already topped 4,000 with a couple days left for banks and lenders to file, he said earlier this week.
Quilter blamed the uptick there on factory closings and job losses. While the rest of the state is experiencing a recession, a depression is beginning in the Toledo area, he said.
Experts said there are many reasons for the decline in Summit.
''I think they are running out of properties, No. 1,'' Summit County Clerk of Courts Daniel Horrigan said.
The other reasons include public awareness about seeking help, a mediation program started by county judges, and a decision by Freddie Mac and Fannie Mae to suspend new foreclosure actions temporarily, experts said.
Sharon Butler-McCray, the office manager and chief foreclosure counselor for the NID-Housing Counseling Agency in Akron, said her group is seeing fewer cases involving predatory lending, adjustable-rate mortgages and interest-only loans. Instead, people are seeking help because of job loss, medical bills or divorce, she said.
More landlords also are experiencing a problem, she added.
''I anticipate with more jobs being lost and cutbacks by employers, it will get worse before it gets better,'' Butler-McCray said.
Rick Armon can be reached at 330-996-3569 or rarmon@thebeaconjournal.com.
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