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Has the rate of foreclosure slowed?

If you are like most people in Ohio, you probably hear others reference the recession that happened slightly more than a decade ago as though it is completely gone and almost forgotten. Instead, today many people are more likely to talk about the economy as being strong and growing as evidenced by a healthy housing market. This, however, does not mean that you or others cannot find yourself facing financial difficulties. 

In fact, many people continue to struggle to the point where they are in jeopardy of losing their homes. According to The Title Report, 58,500 filings to foreclose on properties were recorded in March 2019 alone. This represents a decline by 21% over the same month last year but an increase by seven percent from the previous month.

The information is based on data from ATTOM Data Solutions that also shows an overall decline in the number of foreclosure filings nationwide. A total of 60% of markets with populations of at least 200,000 residents are posting foreclosure filings at pre-recession levels. The filings for the first three months of 2019 are 15% lower than for the same period in 2018 and a notable 23% lower than for the last quarter of 2018. It is not known what the remainder of 2019 holds for foreclosure filing rates but people who are at risk of losing their homes may want to solicit the help of an attorney. 

This information is not intended to provide legal advice but is instead meant to give homeowners in Ohio some insights into how many homeowners are experiencing foreclosure filings today compared with the last year or last 11 years since the recession.

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