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Ohio ranks 13th in U.S. foreclosure rate

Last week, RealtyTrac released its mortgage foreclosure report covering the month of May. The report says the number of United States homeowners who were put on notice for falling behind on mortgage payments fell last month to the lowest level seen since 2006. Much of the decline is attributed to a slowing housing market and lingering delays in foreclosure proceedings after the "robo-signing" debacle.

RealtyTrac says nearly 8,400 foreclosure filings were made in Ohio during the month of May. The raw number of foreclosure filings in Ohio ranked 9th in the nation. Ohio saw the 13th highest rate of foreclosure filings in the nation during the month of May, with one out of every 608 Ohio households receiving a foreclosure notice.

RealtyTrac includes default notices, auction sale notices and bank repossessions in its nationwide statistics for foreclosure filings. Mortgage companies reportedly took back fewer properties across the country during the month of May for the second straight month.

In Hamilton County, the foreclosure rate was one of every 737 home with the raw number reaching 522 Hamilton County households. In surrounding counties the actual rate of foreclosures was higher. One of every 433 households in Butler County received a foreclosure notice during the month. In Warren County the rate was one of every 438 homes and in Claremont one of every 276 homes received a foreclosure notice. The raw numbers in each of the three smaller counties had lower raw numbers than the number posted in Hamilton County.

Nationwide, a total of 58,797 first time default notices were sent out in May, which is a 7 percent decrease from April and a 39 percent decrease from the number recorded in May 2010.

Source: RealtyTrac, "Foreclosure Activity Continues Free-Fall in May," 14 Jun 2011

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