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The Springfield News-Sun will continue to provide unmatched coverage of the local economy, including housing issues in Clark and Champaign counties.
By the numbers:
Clark County
2014 population — 136,554
2014 foreclosure filings — 450
Filings per 1,000 residents — 3.30
State rank — 34
Champaign County
2014 population — 39,128
2014 foreclosure filings — 139
Filings per 1,000 residents — 3.55
State rank — 22
Ohio
2014 population — 11,594,163
Filings 2014 — 43,727
Filings per 1,000 residents — 3.77
Source: Ohio Supreme Court
Clark County had a third less foreclosure filings between 2013 and 2014, its lowest point in about a decade, according to local experts.
The number of foreclosure case filings fell more than 33 percent in Clark County and about 20 percent in Champaign County between 2013 and 2014, according to information from the Ohio Supreme Court. The number of Clark County foreclosure orders for sheriff’s sale fell about 45 percent between 2009 and last year, said Sheriff Gene Kelly.
The improved figures are one sign neighborhoods are stabilizing after a spike in foreclosures at the height of the Great Recession, according to state and local officials.
“When you have a foreclosed property, it impacts the whole neighborhood, especially if no one’s living in it,” Kelly said. “We’ve had so many that have been broken into. They’d steal the copper and break water pipes and let the water run and take fixtures and all kinds of things.”
A similar trend is occurring statewide. Ohio saw 89,061 foreclosures in 2009 and just 43,727 last year, a roughly 51 percent decrease. And figures in Clark County will likely fall again this year, Kelly said..
“A week ago Sunday was the first time we did not have any, and that was just remarkable really,” he said.
The foreclosures have hit all sections of Clark County and across a wide range of income levels, according to Kelly.
The improved figures show owners are seeing value return to their homes and have more options in cases where there is financial distress, said Michael Mahon, executive vice president of statewide brokerage firm HER Realtors, headquartered in Columbus. The firm also has an office in Springfield.
Mahon said filings are down statewide, although the Cleveland area is still sluggish.
“The critical component to all of it is if someone finds themselves in that type of hardship situation, to reach out to a real estate representative as soon as it’s starting to occur so their credit isn’t damaged and they can understand the full opportunities that are available,” he said.
The Neighborhood Housing Partnership of Greater Springfield has also noticed far fewer requests for counseling and other foreclosure-related services compared to last year, said Tina Koumoutsos, the group’s executive director.
“Part of this is we had a bubble of issues with predatory lending, with mortgage resets, with the economic collapse,” she said. “Little by little this bubble has worked its way through the system.”
There are numerous reasons residents can have trouble keeping up with their home payments, ranging from being laid off to falling ill or losing a spouse, Koumoutsos said. There is still a need to provide housing assistance locally, but the foreclosure figures are beginning to fall into a more normal range, she added.
Despite the lower foreclosure rates, many people still need counseling and other services, Koumoutsos said. There are still questions remaining about issues like the stock market and whether another housing bubble could burst, she added.
A home at 3222 Woonsocket St. in Springfield was listed in one of the recent Clark County Sheriff’s real estate sales. Teenagers had broken into the house at least once, and at one point the grass at the property was knee-high, said Rebecca Foldin, a neighbor. The previous owner was a good neighbor, and Foldin said it will benefit the whole neighborhood once the home is eventually in use again.
“It’s not really good for them to sit empty,” Foldin said of foreclosed homes in the city.
The NHP acts as an intermediary between the lender and a delinquent homebuyer. Koumoutsos pointed to one case in which a couple in their 80s had owned their home since 2009, but fell three months behind in payments after facing medical issues and dealing with a significant financial setback in late 2014.
The couple contacted the NHP earlier this year and was able to work with the lender to reduce their monthly payment and interest rate to stay in their home.
“That was a tough line of business for us,” Koumoutsos said of the height of the recession. “You’re dealing with people that are really stressed and just trying to get basic needs met. It’s pretty demanding for our counselors, so it’s nice to be able to focus again on first-time homebuyers and credit counseling and things that are a little more proactive.”
Reducing the number of foreclosures has helped neighborhoods across the region, said Sue Smedley, a broker for Real Estate II in Springfield. Keeping people in their homes can improve property values and encourage neighbors to take better care of their homes, she added.
“It not only helps that house, it seems to help that neighborhood, and in turn that helps our entire community,” Smedley said.
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