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Homes Auctions in Toledo Surged, Bucked Statewide Trend

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By : Allana Castro    99 or more times read
Homes auctions in Toledo surged in April and bucked the statewide trend of declining foreclosure activity.

In Toledo and in other parts of Lucas County, foreclosure actions increased to 854 postings, a jump of 1.6 percent from March and an increase of 1.8 percent from April 2009.

In contrast, Ohio home auctions slowed down in April. Both the number of foreclosure filings and repossessed units decreased during the month. Total foreclosure actions dropped by 7.1 percent from 12,849 in March to 11,936 in April while the number of units repossessed or purchased through house foreclosure auctions fell by almost 3 percent from 3,864 in March to 3,749 in April.

Compared to other counties in Ohio, Lucas County was fourth in total foreclosure postings. It was Cuyahoga which posted the biggest number, followed by Franklin and Hamilton. Lucas, however, was second in foreclosure rate, with one foreclosure action for every 239 homes. Marion posted the highest rate with one filing for every 216 homes.

Despite the surge in homes auctions in Toledo in April, sales prices during the month rose compared to the previous month because of the spike in number of buyers. The expiring tax credits and the traditional spring buying season contributed largely to the spike, according to local realtors.

The average sales price for homes in Lucas County in April was $102,577, a sharp jump of nearly 15 percent from the March average price, based on sales data from the Toledo Board of Realtors. In the northwest part of Ohio, the average sales price was $106,863, an increase of 8.5 percent from the average price in March.

In Toledo, the price median increased by 13 percent, and in 28 other Ohio cities, the median price rose by more than 10 percent. Total home sales in Toledo and in other parts of Lucas County and northwest Ohio all increased from their total sales in April last year.

On the whole, homes auctions in Toledo surged in April, but the pace of increase slowed down, indicating some signs of recovery in the metro area.
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