Foreclosure-related activity in the Toledo area increased by about 7 percent in 2012, a report from RealtyTrac found.
Despite the increase, homes sold more quickly and for higher values throughout 2012 than in previous years, said Brad Crown, president of the Toledo Board of Realtors. It was the best year real estate agents had seen in about four years, he said.
“A lot of Realtors had the best year we’ve had in a few years,” Mr. Crown said. “Our inventory as a whole is down, which means supply goes down and demand goes up.”
According to California-based RealtyTrac, 5,782 foreclosure-related filings occurred in the four-county Toledo area. Lucas County had 4,628. Surrounding Fulton, Wood, and Ottawa counties reported 1,154 in total.
Foreclosure activity was up in Wood County from 2011, down in Fulton County, and practically unchanged in Ottawa County.
Filings include default notices, scheduled auctions, and bank repossessions.
The 5,782 filings locally were 27 percent fewer than in the peak year of 2008.
Nationally, homes in some stage of the foreclosure process were down 3 percent from 2011.
Across Ohio, foreclosures decreased about 13 percent from 2011.
The reports showed that foreclosure activity decreased almost 16 percent from November to December in the Toledo region.
Mr. Crown said buyers are becoming more competitive.
“It really is the perfect storm. Interest rates are historically low and home prices are historically low,” he said. “There are have been times where prices have been good and rates have not been, but we’re in a good place where prices and rates are low at the moment.
“Hopefully it gains traction in the coming year.”
Contact Kris Turner at:firstname.lastname@example.org 419-724-6103.