Market analysts have claimed that this moment might not be the ideal time for foreclosures investing in Ohio, with some local areas still suffering from high rates of foreclosures. According to them, the low values of homes can be a discouraging situation for most investors, except to those who can afford to make purchases and wait for a few years before investment returns can be realized.
Although most residential properties being sold in Cleveland foreclosure auctions and in other counties of Ohio are at their lowest prices, not a lot of buyers might be interested in making any purchase right now, which means that real estate investors can be left with a handful of residences in their hands that they purchased cheap but are unable to sell.
Foreclosed residences being sold in home auctions in Ohio continue to increase in number in some areas, including Cuyahoga County. The first six months of 2010 showed the county recording a 12% increase in the number of foreclosed properties when compared with the same period of 2009.
This offers buyers involved in foreclosures investing more chances of purchasing low priced dwellings. However, the decline in the value of properties might discourage them to make any purchase, with some homes being sold for as low as $60,000 which is way below their mortgage worth.
The period between January-May 2010 find foreclosed homes for sale in Cuyahoga County reaching a total of over 7,000, with homes in all stages of foreclosure included in this number. This is almost a thousand homes more than the same period of last year, according to a survey conducted by the Case Western Reserve University's Center on Urban Poverty and Community Development.
According to county officials, majority of houses in the area are being sold at prices way below the amount owed by their owners on their mortgages. They stated that the federal government must find a way to create a balance between the actual value of homes and their mortgage values. Some have argued that the government has found ways to help Wall Street banks, so there is no reason why they will not be able to establish programs that can keep homeowners from losing their properties and at least improve the condition of foreclosures investing.
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