Is Franklin County's 16% decline due to banks' delays, a better economy, or homeowner aid?
Foreclosure filings in Franklin County fell during the first quarter of this year, continuing the slide begun last year. Through the first three months of this year, 2,084 foreclosures were filed in the county, 16% fewer than during the same period last year, according to figures released yesterday by the Franklin County clerk's office.
The drop continues the decline that began in the fall, when large banks halted foreclosures because of questions of paperwork. Some experts think those paperwork issues and related legal challenges remain the primary reason foreclosures are down, and that once they are resolved, foreclosuires will jump back up.
Others hope the decline is driven by an improving employment picture and successful mediation and counseling programs. That might be the case, because recent data from the Mortgage Bankers Association show that more people are keeping up with their mortgage payments in Ohio and throughout the nation. In addition, a federal foreclosure-prevention program, called the Hardest Hit Find, is beginning to take hold and is expected to reduce foreclosures thie year.
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