Ohio ranks fifth in the nation in foreclosure activity in July even after a 24 percent decrease from a year ago, according to recently released data from RealtyTrac.
RealtyTrac's July 2014 U.S. Foreclosure Market Report showed one in every 839 housing units in Ohio (0.12 percent) with some type of foreclosure activity, which is higher than the national average of 0.08 percent.
"The Ohio markets have noticed an overall reduction in sales volume since the first of the year as well as reduction in foreclosure sales volume throughout the state," said Michael Mahon, EVP/broker at Ohio-based HER Realtors. "As prices continue to rise, our anticipation is that foreclosures will continue to decline as home owners experience restored, higher equity levels."
Ohio's foreclosure rate of 0.12 percent ranked the Buckeye State fifth in the nation, according to RealtyTrac. Ahead of Ohio in spots one through four, respectively, were Florida (one in 469), Maryland (one in 553), Nevada (one in 639), and Illinois (one in 747). Montana had the lowest foreclosure rate with one in every 25, 337.
Ohio's 24 percent year-over-year decrease in foreclosures was well ahead of the national average, which was 16 percent, according to RealtyTrac. July was the 11th consecutive month in which the foreclosure rate went down month-over-month in Ohio.
According to the RealtyTrac report, one in every 1,203 housing units in the nation had a foreclosure filing in July. Overall, 109,434 housing units in the country were in foreclosure in July.
July was the 11th consecutive month in which the foreclosure rate went down month-over-month in Ohio.