Monday, April 4, 2011

Foreclosure report shows 2010 filings down, losses up

The economic downturn that began in 2007 continued to affect homeowners throughout 2010, according to a new report by Working in Neighborhoods (WIN).

The Recession Is Over? Hamilton County Families Are Still In Foreclosure (PDF), the eighth foreclosure report produced by WIN, analyzes foreclosure statistics from the Cincinnati Court Index's Sheriff Sale Listing for each of Hamilton County's municipalities and the City of Cincinnati's neighborhoods.

The report shows that while the county experienced a 2 percent decline in the total number of first filings, the number of completed foreclosures rose 11 percent from 2009 levels, with approximately two-thirds of municipalities experiencing an increase.

In Cincinnati, nearly half of all neighborhoods experienced an increase in the number of listings and completed sales. However, over the past six years, the City has seen a decreasing share of foreclosures while suburban municipalities have seen their share increase.

In 2010, the number of completed foreclosures in Hamilton County was 2,940, an increase of 300 over 2009 – but 146 below 2008 levels.

Colerain, Springfield, and Green townships, due to their large size, topped the list of municipalities with the most completed foreclosures. The highest foreclosure rates were found in Elmwood Place, Addyston, and Cleves.

Of the 2,940 completed foreclosures, 1,205 occurred within the City of Cincinnati, an increase of 54 over 2009. The City hit its peak in 2006 with 1,533 foreclosures.

Westwood, West Price Hill, and East Price Hill saw the most completed foreclosures in 2010, but the largest percentage increases occurred in Hartwell, Linwood, and the East End.

Approximately 1.67 percent of the county's housing units, or 5,580 properties, have completed within the past two years.

Most of the foreclosure activity has taken place in low- and moderate-income neighborhoods, and can be traced to high rates of unemployment and underemployment, the report says.

Statewide, Ohio experienced 85,483 new foreclosure filings in 2010, a 4 percent decrease from 2009.

Previous reading on BC:
Foreclosed properties getting a makeover in Westwood, Kennedy Heights (3/24/11)
Cincinnati accepts $8.1M for foreclosure remediation (5/4/10)
Ohio land bank bill now law (4/8/10)
Knox Hill neighborhood tour, 3/20/10 (4/5/10)
Neighborhood stabilization funding to be tweaked (5/13/09)