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Ohio Foreclosures increase in 2012

Many homeowners in Ohio have kept their eyes on the housing market. Ever since the foreclosure crunch hit several years ago, it has had an effect on many homeowners who have not fallen behind on their mortgage payment. Many commentators have argued that the home mortgage foreclosure glut has hit housing prices, increasing the number of homeowners who have little equity, or are underwater on their home loan balance.

An underwater mortgage can cause its own types of stress (and potentially a reduction in options) if a household financial crisis arises. Recent reports indicate that the overall number of foreclosures nationwide dropped in 2012. However, roughly 25 states saw increases in foreclosures after a previous lull in home repossessions while the banks worked out deals concerning scandals involving the foreclosure process.

States like Ohio, which uses judicial review in the foreclosure process, saw a slowing in home mortgage foreclosure from late 2010 through much of 2011. A recent report shows that a backlog on foreclosure cases in Ohio was unleashed last year, and foreclosure filings grew in 2012.

RealtyTrac says that foreclosure proceedings in Ohio rose about 13 percent in 2012 over the previous year, reaching a total of 89,584 filings in 2012. In the 15-county Tristate Cincinnati metropolitan area, RealtyTrac says that foreclosure activity grew roughly 12 percent in 2012 over the previous year.

Butler County rose only about 4 percent in 2012. However, RealtyTrac says that one of every 43 homes in the county was involved in some stage of foreclosure activity in 2012. In 2011, Butler County saw the highest per capita foreclosure rate in the state. The 4 percent jump in 2012 left Butler County with the second highest rate for foreclosure activity in 2012.


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