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Report: Cincinnati area foreclosures down in February

Foreclosures in the Cincinnati-Middletown area have decreased in 3 of the last 4 months, according to RealtyTrac Inc. In February, the number of foreclosure filings dropped 10.7 percent from the number posted during December, 2010. Foreclosure cases filed in February of this year fell as much as 25 percent when compared to last February.

Still, RealtyTrac says 1,318 foreclosures were filed in the month of February this year in the Cincinnati-Middletown metropolitan area. The raw number of foreclosure filings in February, 2101 was 1,758, a difference of 440 individual homes. Foreclosure filings increased in February nationally when compared to January. Nationally, the number of foreclosure filings jumped 14 percent in February over January, 2011.

The highest number of foreclosures started in the tri-state area in February occurred in Hamilton County, where 463 foreclosures were filed. That number was a decrease of 17.6 percent from January and a 35 percent decline from the number filed in February, 2010.

Butler County saw a spike in foreclosures in February. Butler County saw 449 foreclosure filings in February. That number equates to one out of every 332 housing units in the county. The rate of foreclosures in Butler County jumped 72 percent in February when compared to January of this year. The February 2011 numbers show a 33 percent increase in foreclosures over February 2010.

James Saccacio, chief executive officer of RealtyTrac, says that the number of foreclosures filed in February across the nation were affected by the shortness of the month, bad weather experienced in many parts of the country and residual effects of the foreclosure scandal that continues to haunt the mortgage servicing industry, Saccacio says the allegations of improper foreclosure processing continues to disrupt court dockets.

Source: Business Courier, "Cincinnati foreclosures continue down trend in February," 16 Mar 2011

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