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More Homes Entering Toledo Foreclosure Auctions

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By : John Cutts    99 or more times read
More homes are entering Toledo foreclosure auctions, as shown in the increase in foreclosure filings in Lucas County, where Toledo is the administrative city.

In the first quarter of this year, a total of 2,016 foreclosures were filed in the county, marking an increase of 17.4 percent from the previous quarter and a jump of 7.5 percent from filings one year ago. Of these filings, a total of 438 units were already in the home foreclosure listings of banks.

Housing analysts in the area said that the sharp plunges of property values are among the major drivers of defaults and foreclosures in Lucas County. Around 27 percent of all homeowners in the Toledo area are underwater.

One out of every 12 homeowners with mortgages in the county is currently in default by three months or more, higher than the default rate statewide. Over the 11-month period ended February, the default rate in the Toledo area has been rising month-over-month, reaching 8.05 percent in February. The rate was far above the 5.8-percent default rate in February 2009 and higher than the 7.7-percent default rate of Ohio.

This high rate of defaults has been pushing more properties into Toledo foreclosure auctions. In February, 3.2 percent of all mortgage loans in metro Toledo were in foreclosure, up from 2.5 percent in February last year and higher than the statewide rate of 3.02 percent and the nationwide rate of 3.17 percent.

Similarly, the number of properties that entered foreclosure auctions in Ohio in the first quarter also climbed up. A total of 33,221 foreclosure filings were posted during the quarter, marking a 12-percent increase from the previous quarter and a 5.2-percent jump from the same quarter last year.

Ohio filings accounted for 3.56 percent of the total filings in the U.S., putting Ohio 11th in state foreclosure rate charts. Of the more than 33,000 statewide filings, 10,637 were already real estate owned, accounting for more than 32 percent of total filings.

Cuyahoga County posted the highest number of filings in Ohio, with a total of 5,072 filings, including 1,897 REOs. Franklin County was second with 4,081 filings, including 1,593 REOs. However, the county with the highest foreclosure rate was Marion County, with one household out of every 95 homes getting hit with a foreclosure posting.

Although Lucas County had the lowest number of filings among the top five Ohio counties, the number of properties entering Toledo foreclosure auctions put the metro area fourth in total REOs and third in rate of increase in filings.

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