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DAYTON — The number of properties in the Dayton metropolitan area caught up in foreclosure grew nearly 54 percent during the third quarter, according to a company that tracks real estate data.
Word of the increased foreclosure activity by RealtyTrac Inc. comes a day after attorneys general and regulators, including from Ohio, announced a national probe of mortgage companies’ foreclosure practices.
Foreclosure filings of some kind were made against 2,970 properties in Greene, Miami, Montgomery and Preble counties, compared with filings against 1,931 properties during the year-ago quarter, the Irvine, Ca.-based company said. Filings tracked by the company include default notices, scheduled auctions and bank repossessions.
Montgomery County saw the largest increase, with 2,380 properties getting hit by a foreclosure action in the quarter, versus 1,477 properties a year ago, a 61 percent jump. In Greene County, filings were made against 280 properties, compared with 196 properties during the year-ago quarter, up 43 percent.
Properties in Miami County hit by foreclosure actions reached 213, compared with 193 a year ago, up 10.3 percent. In Preble County, the number of properties reached 97 compared with 65 a year ago, an increase of 49.2 percent, RealtyTrac said.
Statewide, properties hit with a foreclosure action of some kind increased by 23 percent in the third quarter, compared with a year ago. On Wednesday, Ohio Attorney General Richard Cordray said he would join other attorneys general and regulators in a national investigation of allegations that mortgage companies mishandled documents and broke laws in foreclosure cases.
The investigation will focus on whether individual mortgage servicers followed proper procedures when filing affidavits and other supporting documents in foreclosure cases, according to Ohio Attorney General Richard Cordray’s office.
The document problems could prolong the housing downturn if many home buyers become unwilling to purchase foreclosed homes. But for a few months anyway, the problems could help prop up prices, because fewer low-priced foreclosed homes will be for sale.
Analysts don’t expect many people who lost homes to foreclosure to recover them.
The Associated Press contributed to this report.
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