2012 Saw Foreclosures Decline

Jan 17, 2013

The listing service RealtyTrac says banks took possession of fewer U.S. homes in 2012 than a year earlier.

That is because the pace of new homes entering the path to foreclosure slowed and banks increasingly opted to allow troubled borrowers to sell for less than what is owed on the mortgage. Banks repossessed more than 671-thousand U.S. homes last year, down nearly 17 percent from 2011. But RealtyTrac spokesperson Daren Blomquist  says Ohio is one of 25 states that saw higher levels of foreclosure activity last year, and many are expected to continue seeing increases this year. He says more than 89-thousand foreclosure documents were filed in Ohio last year, up 13 percent from 2011. Blomquist says the overall national trend, along with an annual decline in overall foreclosure activity, suggests the nation's foreclosure woes are easing.