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Commercial Properties and Housing Foreclosures Surged in Columbus

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By : John Cutts    99 or more times read
When compared with the housing market, commercial properties actually perform relatively better in terms of foreclosure rates. In Columbus, Ohio, 2010 saw foreclosure activities rising by over 10% when compared with 2009 levels. Although residential foreclosures remained higher than commercial foreclosures, their combined number still resulted in a year-over-year increase.

The number of properties that fell to Columbus foreclosure auctions and households that received foreclosure-related filings totaled 19,958 in 2010, representing a 13% rise when compared with 2009 figures. The metro area has one property out of 39 units in some stage of foreclosure last year, making the region the 56th metro area with the highest foreclosure rate nationwide out of 206 locations surveyed for the full year report.

Foreclosure auctions in Ohio remained at elevated levels in most key cities in 2010, with Columbus recording the highest rate among key metros in the state. The metropolitan areas of Dayton, Youngstown, Canton, and Cleveland also recorded high foreclosure numbers, just slightly lower than the total posted by Columbus last year, according to full year housing market results.

Both residential and commercial properties in Ohio were hit by huge numbers of foreclosure filings, with the state being just one of the nine regions in the whole U.S. that recorded filings of over 100,000 in the 2010 period. However, statewide foreclosure-related filings did decline by 5% last year compared with 2009 figures.

Despite the 5% decline, most cities of Ohio, Columbus included, posted foreclosure rates that are higher than the national average. The number of units that fell under foreclosed properties auction and the total number of foreclosure-related filings nationwide had a ratio of one out of every 45 properties in 2010, lower than the one out of 39 recorded in Columbus. Meanwhile, areas like Las Vegas and several California and Florida metro areas remained in the top ten in terms of foreclosure rates last year.

Most housing industry experts are predicting that residential and commercial properties foreclosures will rise even higher this year as more properties entered the foreclosure process for the first time in 2010. They added that although some regions recorded a decline last year, levels of foreclosures remained higher than normal period levels and will likely continue to record increasing numbers in 2011.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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