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Home Prices Improved as Columbus Pre Foreclosures Slowed

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By : John Cutts    99 or more times read
As Columbus pre foreclosures slowed, home prices improved in the area in February, based on figures from the Columbus Board of Realtors.

The average price for all homes sold in February in Central Ohio increased to $149,498, up by 12 percent from the February 2009 average of $133,604. Central Ohio covers seven counties, including Franklin County, where Columbus is the administrative seat.

Total homes, however, slowed as the 1,106 single-family and condo units that were sold in February represented a 1.5-percent drop from the 1,123 units sold in February 2009.

It was the total of pending home sales that improved in February, posting a two-percent jump to 1,082 units. The total number of units that entered the market also rose to 3,429 units, up by 18 percent from February 2009.

Combined sales figures for the first 2 months of the year were better, as the total sales of 2,131 units represented a jump of two percent from the 2,082 units sold in the first two months of 2009. The average sales price also jumped up by 9 percent from $135,373 to $147,682.

The number of Columbus pre foreclosures and properties that entered homes auctions in Columbus in 2009 declined, as employment improved. According to Brookings Institute, the employment situation in Columbus was much better than in the other 20 Great Lakes cities it has surveyed in the final quarter of 2009.

Total foreclosure postings in Columbus declined in 2009 by more than 9 percent to 17,672 filings, equivalent to 2.3 percent of all households in the metro area. This total of filings included all Columbus foreclosures and those notified of delinquency but not yet put into foreclosure.

Based on figures from Brookings, Columbus was better able to bear the effects of foreclosures compared to other cities in Ohio because price declines averaged only 3.7 percent, below the 6-percent average price decline in the entire Great Lakes region.

In the Brookings ranking of 100 cities that fared well over the two years, Columbus placed 14th nationwide in the ability to prevent job losses. Based on performance in all factors employment, home prices, economic output and foreclosures Columbus ranked just below the first tier of 20 cities.

Columbus also showed a stronger pace of employment recovery than the nationwide average. Its relatively low decline in employment since the last months of 2007 indicated that Columbus was economically strong to weather Columbus pre foreclosures and actual foreclosures.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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