Home Loan Still High
According to a report to be released today, last month Foreclosure activity fell in Montgomery County but not to the extent that it did across the nation and Ohio. In April bank repossessions of homes, the number of default notices and scheduled auctions totaled 650 in Montgomery County. RealtyTrac said Logan County ranked first in state for the rate of homes in some state of foreclosure and Montgomery County ranked second-highest despite the drop.
According to RealtyTrac, Warren County, a 23 percent fall to 171 actions, Miami County, a 60 percent drop to 35 actions, and Greene County saw a 19 percent drop to 96 actions. In nationwide foreclosure activity fell 34 percent and across Ohio foreclosure activity fell 33 percent. RealtyTrac told the drop represented a 40-month low for foreclosure activity and was the seventh straight monthly decrease for the nation. James J. Saccacio, RealtyTrac Chief Executive said the drop, however, is deceiving.
Saccacio said “This slowdown continues rather than the result of a housing recovery that is lifting people out of foreclosure but to be largely the result of massive delays in processing foreclosures.” In the first quarter, foreclosures took an average of 400 days to complete, while in the first quarter of 2010 foreclosures took 340 days for nationwide.