Number of Foreclosure Homes Rose in Dayton in 2010

The total number of foreclosure homes recorded in Dayton, Ohio, increased in 2010 compared with 2009. The increase was 12.7%, with properties that received notices of default, houses up for auction, and repossessed properties all included in the data. Statistics showed that 8,917 properties were under some form of foreclosure last year compared with the 2009 total of 7,914.

Residential properties that received a foreclosure-related filing last year ranged from single family dwellings to multi-family homes for sale and luxury homes. Despite the surge in foreclosure totals during the period, analysts reported that the number of properties entering the foreclosure stage for the first time actually declined. New cases of foreclosures totaled 6,920 in 2010, representing a 2% decline when compared with 2009.

Meanwhile, statewide figures for foreclosures and bank owned homes also increased. The number of foreclosure-related filings in Ohio reached 108,160 last year, up 6.4% from the 2009 total of 101,614. The same trend was seen at the national level, where foreclosed properties reached a total of 2.9 million, representing a 1.7% jump from 2009 when 2.8 million foreclosures were recorded.

Although the national total did not reach the predicted three million, analysts stated that this was only because of the temporary hold on the processing and selling of foreclosure homes put in place during the fourth quarter. The good news, some analysts stated, is that it gave some troubled homeowners breathing space and perhaps some extra time to find a way to keep their homes. The bad news, analysts added, is that those cases that were put on hold will be restarted this year and majority of them will end up as foreclosures anyway.

This means that 2011 is on course for another increase in foreclosures and repo houses numbers. According to analysts, most lenders will try to make up for lost time and will try to work through their inventories during the year. For the Dayton region, local analysts are predicting the same fate for 2011.

Most of them stated that unless the national economy improves and the job market stabilizes, the number of foreclosure homes will continue to surge in almost all markets of the U.S. They added that it will take a few more years before the housing market can return to normal.

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