Foreclosures shoot up in Columbus, elsewhere in 2022

Jim Weiker, The Columbus Dispatch
·2 min read

Home foreclosures rose sharply last year in Columbus and throughout the nation, but remain below pre-pandemic levels.

Last year, 74 properties in central Ohio were foreclosed on, up 150% from the previous year, according to the real-estate information service Attom.

The foreclosures were among 2,311 foreclosure-related filings — including default notices, sheriff sales and repossessions — filed last year in central Ohio, more than twice the number in 2021, Attom found.

Nationally, foreclosure filings rose 115% last year from 2021, but remain 34% below 2019, before the COVID pandemic. Foreclosures were well down in 2020 because of state and national foreclosure moratoriums during the pandemic.

“Eighteen months after the end of the government’s foreclosure moratorium ... foreclosure activity remains significantly lower than it was prior to the COVID-19 pandemic,” said Rick Sharga, executive vice president of market intelligence at Attom. “It seems clear that government and mortgage industry efforts during the pandemic, coupled with a strong economy, have helped prevent millions of unnecessary foreclosures.”

Foreclosures are rising amid a slowdown in the housing market. Home sales fell sharply last year, even though prices remain high.

The sharp jump in home prices in recent years have allowed most of those behind on their mortgage payments to can sell their home for more than they owe, avoiding repossession.

“Unlike foreclosure activity during the Great Recession, the majority of homes in foreclosure are not being repossessed by lenders,” Sharga noted. “Our recent homeowner equity report shows that 93 percent of borrowers in foreclosure today have positive equity, which they appear to be leveraging in order to avoid a foreclosure by refinancing their mortgage or selling the property at a profit. It seems likely that this is a trend that will continue in 2023.”

Foreclosure-related filings rose in all Ohio metro areas including:

  • Columbus: 2,311 filings, up from 926 in 2021

  • Akron: 1,422 filings, up from 694 in 2021

  • Canton: 695 up from 319

  • Chillicothe: 117, up from 47

  • Cincinnati: 2,742, up from 1,256

  • Cleveland: 6,755, up from 3,512

  • Dayton: 1,405, up from 609

  • Mansfield: 152, up from 80

  • Marion: 121, up from 60

  • New Philadelphia, 106, up from 46

  • Toledo: 936, up from 374

  • Wooster: 39, up from 28

  • Youngstown: 872, up from 512

  • Zanesville: 160, up from 75

jweiker@dispatch.com

@JimWeiker

This article originally appeared on The Columbus Dispatch: Foreclosures rise in Columbus, but remain below pre-pandemic levels