Tag Archives: Ohio

Foreclosure Activity Back on the Rise

danger-ahead-funny-sign

Foreclosure filings—which include default notices, scheduled auctions, and bank repossessions—increased 2 percent in May, rising from a 75-month low in April, according to the latest foreclosure report from RealtyTrac. Still, foreclosure filings are down 28 percent from a year ago.

The May increase was largely attributed to an 11 percent increase in bank repossessions. Foreclosure starts also ticked up 4 percent in May over last month, with 26 states posting increases, according to the report.

“Foreclosure activity continued to bounce back in some markets where it may have appeared the foreclosure problem had been knocked out by an aggressive combination of foreclosure prevention efforts over the past two years,” says Daren Blomquist, vice president at RealtyTrac. “Places like Nevada, where foreclosure starts increased to a 20-month high, and Maryland, where overall foreclosure activity increased to a 33-month high. Still, the emerging housing recovery has strengthened most local markets enough to quickly shake off a few more blows from these nagging foreclosures.”

The top foreclosure rates in the country were in Florida, Nevada, and Ohio. Florida saw a 20 percent increase in foreclosure activity in May, accelerating it to the highest foreclosure rate in the country for the month. One in every 302 Florida households received a foreclosure filing in May—nearly triple the national average.

After 27 months of decreases, Nevada foreclosure activity rose in May, with one in every 305 households receiving a foreclosure filing. The increase was driven by an 81 percent year-over-year increase in foreclosure starts, which reached a 20-month high in May, RealtyTrac reports.

Ohio posted the third-highest foreclosure rate in the country, where one in every 584 households received a foreclosure filing during May. Still, that’s a 27 percent decrease from a 31-month high the state reached in April.

Source: RealtyTrac

 

 

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Facing Foreclosure, Man Tries to Destroy Home With His SUV

One of the sad realities of having your home foreclosed is the tremendous amount of physiological pressure that is involved.  Can you imagine buying a home, calling it yours, spending money to fix it up, than due to circumstances beyond your control, loss of income, sickness or whatever, you can’t make your mortgage payments.

Having had several clients try to work out loan modifications with a bank, I can somehow understand the frustration that this man must have felt when he finally reached a breaking point.

Here’s one of the latest cases of a person going over the top due to foreclosure.

httpv://www.youtube.com/watch?v=V86zV5vSUtU

According to the Springhill News a man who told Ohio authorities that he was facing foreclosure rammed his house with his SUV.

Clark County Sheriff Gene Kelly says 30-year-old Steve Doak told deputies he was recently served with foreclosure papers and wanted to destroy the house rather than turn it over to the bank.

The sheriff’s office says Doak drove the vehicle into fencing and then into the rear of the house in New Carlisle, about 50 miles west of Columbus. They say he did extensive structural damage. Authorities say they shut off utilities in the home for safety reasons.

Doak was arrested Tuesday on charges of inducing panic, disorderly conduct and other counts.

He has pleaded not guilty. No one answered his phone Thursday morning and the voice mailbox was full.

What do you think?