Area foreclosure activity up at double national rate

5/14/2008

Foreclosure activity in metro Toledo continues to rise, at almost twice the rate of increase nationwide, a new report shows.

The number of default and auction sale notices and bank repossessions in the Toledo area last month jumped 109 percent from a year ago to 798, and the filings in Lucas County were up 146 percent to 765, according to RealtyTrac Inc., an online tracking agency.

Nationally, foreclosure activity soared 65 percent last month from a year ago to 243,353. That's one for every 519 households, RealtyTrac said.

"The total number of U.S. properties with foreclosure activity was the highest monthly total we've seen since we began issuing the report in January, 2005," said James Saccacio, RealtyTrac's chief executive officer.

Ohio and Michigan remain near the top of foreclosure lists nationally.

Ohio had the third highest filings, behind California and Florida, at 11,680 in April, or one for every 432 households, up 2 percent from a year ago.

Michigan had 10,269 filings, one for every 440 households, up 49 percent from a year earlier.

Metro Toledo had a related filing for every 374 households, and Lucas County had one for every 265 households.

NIne of the top 10 metro areas were in California and Florida, the tracking firm said.

Merced, Calif., had the worst numbers in the nation, one filing per 66 households.