The number of foreclosed and bank owned properties jumped in several metro areas of Ohio in 2010 when compared with 2009 levels. Eight of the state's metro regions were ranked inside the top 100 U.S. metropolitan areas with the highest foreclosure rates last year.
Foreclosed homes in Canton remained at elevated levels last year, giving the metro area a nationwide ranking of 79 among over 200 metropolitan regions in the U.S. with the highest rates of foreclosure in 2010. The good news is that among the eight metro areas of Ohio that ranked inside the top 100, Canton was seventh, with only Cincinnati having a lower foreclosure rate and ranked at 90th.
The number of Ohio foreclosed homes and initial foreclosure-related filings jumped in majority of the state's biggest cities. The highest ranking for an Ohio metropolitan area last year was taken by Toledo, which was ranked 54th, followed by Columbus at 56th and Cleveland at 60th. Dayton was ranked 62nd, followed by Akron at 70th and Youngstown at 77th.
For one of the key areas of Ohio, Dayton posted a total of 8,917 properties last year that were under some stage of foreclosure. The figure includes initial notices of default, repossessed and bank owned properties, and those offered at foreclosure auctions. One household out of every 43 was under foreclosure last year in the Dayton metro area, with foreclosure filings jumping by 12.7% compared with 2009 levels.
All eight metropolitan areas ranked inside the top 100 recorded increased foreclosures last year, except for Canton. According to local residential market analysts, the rise in foreclosure activities, even among areas not previously known for their volatile housing markets, was mainly due to the high unemployment rate of the state and the rest of the country. They also stated that 2011 will be much the same as the previous year and might be even worse for some regions.
Analysts also stated that the housing market of the U.S. is unlikely to start a recovery this year, although most of them agree that majority of housing markets will hit bottom in 2011 and will gradually start their recovery in 2012. For the state of Ohio, most markets are expected to maintain high numbers of foreclosed and bank owned properties just like last year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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