Tuesday, March 17, 2009
Staff Report
Although 62 counties in the state have seen an increase in foreclosure filings, all three Mahoning Valley counties saw decreases in foreclosure filings from 2007 to 2008.
A report released by Policy Matters Ohio on Monday analyzed foreclosure filings in the state’s 88 counties. Policy Matters focuses on analyzing issues that matter to low- and middle-income workers in Ohio, according to www.policymattersohio.org.
The number of foreclosures filed annually in Ohio has increased by about 60,000 over the past 10 years, hitting a record of more than 85,000 in 2008, the report stated.
Mahoning County had 1,880 foreclosure filings in 2007 and 1,836 in 2008, the report stated.
Columbiana’s number dropped from 654 to 636 and Trumbull’s number from 1,563 to 1,481.
Steve Lewis, president of First Place Bank, said that the excess inventory of homes may also play a role in the number of foreclosure filings being a bit less in the Mahoning Valley compared with other counties.
“One thing that affects us [the Valley] is there was never an explosion of [new] housing,” he said.
“I think Trumbull will take longer to repair, compared to Mahoning County,” Lewis said.
The unemployment rate is higher in Trumbull, and there’s a “direct correlation between unemployment and foreclosures,” he said.
Allen County led the state in foreclosure filing growth from 2007 to 2008. The county’s number grew 39 percent from 715 filings in 2007 to 996 in 2008, the report stated.
Urban counties in Ohio are still experiencing the most foreclosure filings; however, nonurban counties are also seeing large foreclosure growth, the report stated.
Counties with fewer than 200,000 residents are experiencing a higher rate of foreclosure growth, accounting for 62 percent of filings, the report stated. In the state, the foreclosure filings per 1,000 population was 7.48 in 2008, the report stated.
XFor more information and the complete report created by Policy Matters Ohio, visit www.policymattersohio.org/ForeclosureGrowthOhio2009.htm.