RealtyTrac: Region’s foreclosures up 20% in 3Q

Third-quarter foreclosure activity in the Columbus area surged 20 percent past the pace seen a year ago as two in three major metros posted increases for the three months, according to a new report.

Irvine, Calif.-based RealtyTrac Inc. said the Columbus Metropolitan Statistical Area reported 7,869 default, auction and bank repossession filings from July through September. While up 20 percent from last year’s third quarter, it’s 34 percent ahead of the pace seen in the second quarter.

Foreclosure filings nationwide, meanwhile, nudged down just shy of 1 percent in the third quarter as one in every 139 properties was hit with a filing. In the Columbus area, the foreclosure rate hit one in 99, the 44th-worst out of the 206 metros RealtyTrac follows.

Foreclosure activity in the state’s other two largest cities was ahead of last year’s pace but moved slower than in Columbus. Cleveland’s foreclosure rate was 59th in the nation, while Cincinnati came in at No. 91.

RealtyTrac said 65 percent of the 206 metros it tracks saw increases in foreclosure activity. Not surprisingly, Las Vegas had the worst foreclosure rate, while 19 of the 20 worst metros for foreclosures were in California, Florida, Nevada or Arizona.