Ohio among states with decreasing foreclosure activity in first half of 2014

CINCINNATI -- The numbers are in and things may finally be looking up for Ohio homeowners.

RealtyTrac's Midyear 2014 U.S. Foreclosure Market Report was released Thursday and according to their research, foreclosure activity in some states has decreased two percent in June to its lowest level since July 2006, before the housing bubble burst.

“Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006,” said Daren Blomquist, vice president at RealtyTrac. “Over the next six to nine months nationwide foreclosure numbers should start to flat line at consistent historically normal levels.

Though Ohio's foreclosure rate is down a whopping 13 percent from 2013, homeowners in the Buckeye state are still at a higher risk of losing their house than most of the country.

In fact, Ohio is ranked No. 6 of the top 10 states with the highest foreclosure rates in the first six months of 2014 with 0.69 percent of all housing units with a foreclosure filing.

“There continue to be concerning trends in some states and local markets that clearly indicate those markets are not completely out of the woods when it comes to the lingering foreclosure problem left over from the housing bust,” Blomquist continued. “While it’s important that any remaining foreclosure infection is addressed promptly to keep it from festering, foreclosures are no longer a widespread contagion threatening to derail the housing market’s return to full health.”

Butler County is still one area that is struggling to recover. One in 649 homes were put in foreclosure in 2013, the highest rate in the Tri-State. But even Butler County has seen a drop so far this year.

The Home Ownership Center of Greater Cincinnati has been helping people in the Tri-State save their homes for the past 70 years.

The group offers foreclosure prevention counseling twice a month to families in need.

For more information, CLICK HERE.

 

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