Ohio is among the top 5 states for foreclosure activity as of January 2018, according to data from RealtyTrac. About 1 in every 1,212 Ohio homes were in some stage of foreclosure as of January, an increase of 6% from the same month a year ago.
Nationally, the foreclosure rate has dropped by about 16% compared to last year. The top 4 states with the most foreclosure activity included New Jersey, Delaware, Maryland and Illinois. Many states that have a judicial foreclosure processes, requiring court involvement, are still working through a backlog of cases that erupted during the Great Recession.
Most Ohio counties have actually seen a reduction in foreclosure activity. As of January 2018, Franklin County foreclosures were down 36% compared to a year ago. About 1 in every 1,636 Franklin County homes are in some stage of the foreclosure process.
Like all real estate activity, foreclosures are highly localized. Here are the top 5 cities for Franklin County foreclosures:
- Harrisburg: 1 in every 177 homes
- Groveport: 1 in every 932 homes
- Galloway: 1 in every 1,033 homes
- Grove City: 1 in every 1,213 homes
- Hilliard: 1 in every 1,300 homes
In Delaware County Ohio, foreclosures only affect every 1 home out of every 4,413. Yet January 2018 foreclosure activity increased by 67% compared to the same month a year ago. The top 5 cities for Delaware County foreclosures include:
- Ostrander: 1 in every 1,476 homes
- Delaware: 1 in every 2,796 homes
- Powell: 1 in every 3,659 homes
- Galena: 1 in every 3,687 homes
- Westerville: 1 in every 5,654 homes
It’s important to understand that very few foreclosures happen during the holiday season. Some of the January uptick may be the result of delayed filing actions from late 2017. And because the mortgage default rate has been benign for the past few years, it’s very likely that we are seeing banks and courts catch up on foreclosures that were overdue for action.
When you need in-depth information about local market conditions in Central Ohio, let us be your guide! As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.
Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!
Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!
Andrew Show
Broker, CEBA-M, CNE, CSP, PSA, e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
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