The number of foreclosures, including multi family foreclosures, eased somewhat in Ohio last month when compared with year-ago levels. Foreclosed property numbers were also down in January 2011 when compared with the previous month. The state is ranked outside the top ten in terms of U.S. states with the highest foreclosure rates for the month.
Foreclosed homes in Columbus and in most of the state's local areas eased down last month as January 2011 figures show a drop in the foreclosure activity of the state. For the month, a total of 8,924 foreclosure-related filings were recorded in the region, representing a 20% decline when compared with January 2010. When compared with December 2010, the decline was 15%.
The figure included foreclosed homes in Ohio up for an auction sale, notices of default and properties repossessed by lenders. Last year, the state posted a full year decline of 5% in terms of foreclosure activities when compared with 2009 levels. For the month of January 2011, Ohio's nationwide ranking in terms of foreclosure numbers is 13th. The top three states with the highest foreclosure rates for January remained Nevada, Arizona and California.
Despite the drop in foreclosure activities, including those related to multi family foreclosures, housing industry analysts stated that this should not be taken as a sign that the housing market crisis is at an end. According to them, the drop is mainly due to the controversy surrounding lenders' alleged use of faulty documents in filing for foreclosures; an issue that forced an almost nationwide moratorium on foreclosure processing and sales in the fourth quarter.
Analysts have also stated that the decline in the number of homes for sale foreclosures, which was mirrored in almost all parts of the U.S., only meant that banks are weighed down by the sheer volume of foreclosure cases that piled up during the fourth quarter of 2010. They stated that lenders are taking a longer time reviewing documents after the robo-signing controversy.
Local analysts warn that single family and multi family foreclosures are likely to increase again in Ohio this year. The same is predicted for the whole country as lenders restart cases that were stalled by the documentation controversy.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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