According to RealtyTrac there were more than a million foreclosures filed during the first half of 2012.
Thankfully for greater Cincinnati the overall number of filings is down from the same period in 2011 but is creeping back up after lower numbers during the last 6 months of 2011. California is the big winner on RealtyTrac’s Top Ten Metros for Foreclosures grabbing 7 of the top 10 spots. The chart below shows the top ten states for foreclosures and Ohio ranks ninth this year.
It’s difficult to pinpoint a foreclosure number for greater Cincinnati because not every property is listed in the Multiple Listing Service of Greater Cincinnati, however for the properties that were listed 36% of the closings in 2011 had “lender involvement”. The breakdown of 11,978 active listings for single family homes and condos in MLS is:
- Lender Owned Properties 593
- Government Owned 109
- Lender Approval Required (short sales) 848
And single family and condos sold/closed during the first half of 2012
- Lender Owned Properties 537
- Government Owned 457
- Lender Approval Required 1762
Many home owners in greater Cincinnati continue to struggle with mortgage payments and government led refinancing programs have not met expectations-forcing a lot of owners to make life altering decisions.