Filings for Citibank Foreclosed Homes Drop in Cincinnati

by on Foreclosure Crisis

Foreclosure filings, including those related to Citibank foreclosed homes and other bank foreclosures, fell in Cincinnati, Ohio for the month of November 2010. The decline came after a poor-performing October when filing totals rose by 50%. November 2010 foreclosure notices numbers recorded declines for both monthly and yearly data.

Cincinnati foreclosures for the month totaled 1,760, representing a 29.85% drop compared with October 2010 when 2,509 housing units received a foreclosure filing. The current number also represents a 21.5% drop compared with November 2009 when a total of 2,243 foreclosure-related filings were recorded. The figure covers the metro area of Cincinnati-Middletown.

Most of the counties and cities of the state recorded a decrease in the number of Ohio bank foreclosures during November. Counties adjacent to Hamilton, for which Cincinnati is the county seat, recorded yearly and monthly filings decreases, except for Butler County which posted a monthly increase but recorded a yearly decline.

Foreclosure notices, including those associated with Citibank foreclosed homes, totaled 422 for the month in Butler County. This translates to a 29.9% rise when compared with October 2010 but represents a 29% drop compared with the same month of 2009. In Clermont County, the total number of filings was 188, representing a drop of 25.4% compared with the previous month and a decline of 12.6% compared with year-ago levels.

For people purchasing bank foreclosure homes, Warren County posted a total of 181 for November. This gives the county a 26.7% decline compared with October and a 23.6% decline from the same month of 2009. For the whole Hamilton County, 764 foreclosure notices were issued in November, making the area the top county in the Tri-State in terms of filings number in November. However, the figure represents a 44.6% decline from last month and an 18.6% drop compared with November 2009.

National figures also recorded a decline, with total filings reaching 262,339 for the month in focus which translates to a 21% decline from October 2010 and a 14% drop from November of last year. According to analysts, the month represents the lowest foreclosure activity in the whole U.S. since November of 2008. Housing experts have attributed the decline in the number of foreclosures, including Citibank foreclosed homes, on the robo-signing issue and the seasonal drop that is common every November.