Foreclosed listings in the Dayton metro area in Ohio soared by more than 55 percent in October, compared to listings in September, based on a report released by a real estate firm that tracks foreclosures nationwide.
While other areas of the country have been slowing in foreclosure actions, filings in Dayton climbed up both from October last year and from the previous month. Filings rose by over 55 percent from the previous month and rose by over 36 percent from October last year.
In the Dayton metro area, a total of 1,070 foreclosure actions were filed, up from the 688 filings in September.
In contrast, foreclosure filings nationwide fell by three percent compared to filings in September but rose by almost 19 percent from October last year. A total of 332,292 residential units throughout the country were notified of foreclosure actions, equivalent to one out of every 385 units.
According to the research firm, the major factors for foreclosures in October were unemployment, negative equity and high-risk mortgages, particularly the pay-option adjustable rate mortgage loans. It said that despite the stepped up efforts by federal agencies to pressure mortgage lenders and servicers to modify loans and help troubled homeowners, the number of mortgages entering foreclosed listings still rose in many areas.
Statewide, foreclosure filings in October also rose by 6.5 percent from filings in September. With one housing unit out of every 435 units notified of foreclosure, Ohio was 12th in a ranking of states based on pace of foreclosures.
Foreclosure filings in individual counties in the Dayton metro area also rose, with some increasing from the previous month and the others increasing from October last year.
The highest number was posted in Montgomery County, where 884 residential units were notified of foreclosure, an increase of 76 percent from the previous month and a rise of over 53 percent from October last year.
Second in filings was Butler County, where 559 households received foreclosure notices, and third was Warren County, where 245 housing units received filings.
In Clark County, 177 households received filings while in Miami County, 76 housing units were notified of foreclosure.
The other counties that posted increases in filings, but at lower numbers were Greene, Shelby, Preble and Darke.
The unemployment rate in the Dayton area dropped from 11.5 percent in August to 10.7 percent in September, but the still high jobless rate forced more residents to default on their mortgage loans, pushing more housing units into foreclosed listings.
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