Thursday, May 04, 2006

We're No. 1! But not for long....

Just in case anyone is interested....
This is NOT something to be proud of.
And that "Real Estate Bubble" that you heard about, it won't even put a ripple in the Dayton market!

Montgomery County No. 2 in Ohio foreclosures
State leads nation in percentage of people losing homes; predatory lending cited
By Jim DeBrosse

Dayton Daily News

DAYTON Ohio continues to lead the nation in the percentage of people losing their homes to mortgage foreclosures, with Montgomery County ranked second in Ohio, a new study shows.

The new numbers come as Ohio lawmakers consider legislation to curb predatory mortgage lending, cited by one recent survey as the leading cause of foreclosures in Ohio.

Montgomery ranked second among Ohio's 88 counties in the number and rate of new foreclosure filings — a total of 4,050, or one for every 135 residents, according to a study released Thursday by Policy Matters Ohio, a nonprofit, non-partisan policy research institute focusing on issues that affect working families.

Only Cuyahoga ranked higher, with 10,935 new filings, or one for every 122 residents. It displaced Montgomery County, which had been ranked first the previous year.

Montgomery County hit another record high last month, with 505 foreclosure filings — 80 more than February's previous record of 425.

"It could have been even higher. We had some come in on that Friday (March 31) that we didn't process until the following Monday," said Jim Knight, a spokesman for the Montgomery County Clerk of Courts office. The office has been keeping foreclosure data for nine years.

For the state as a whole, foreclosure filings have quadrupled over the last decade, with an 8.5 percent increase in 2005 alone, the study found.

The fastest growth in filings last year was in largely rural counties, with Erie, Belmont and Fulton topping the list. "This really is a statewide problem, not just one affecting large urban counties," said Zach Schiller, research director of Policy Matters Ohio.

Ohio had more than 3.2 percent of its mortgages in foreclosure at the end of 2005 — more than any other state, according to the Mortgage Bankers Association. The national average was just under 1 percent.

Asked by Policy Matters Ohio to rank the causes for foreclosures, 20 of 35 sheriff's departments in Ohio cited predatory lending as number one, while nine departments cited job losses and the weak economy.

The Ohio House and Senate have passed different anti-predatory lending bills that will be worked out in conference committee when the legislature reconvenes in May.

Contact Jim DeBrosse at (937) 225-2437.


Ms. P in Jackson said...

I read that foreclosures were up 63% last year.

Very depressing news.

Demain66 said...

I do renovation work in Dayton and have been witness to a tragic trend in our near future. Since we are now the foreclosure capital, we have been innundated with yahoos from California, N.Y. and all over that want to grab up a slum lord starter kit. Two guys from San Fran carted me around trying to purchase 43 houses on the block. I'd rather see a house being lived in rather than abandoned, but some kind of check needs to be put on this quickly. Stop by and leave a note at my site. I'll be starting a renovation blog shortly.
Talk to you soon