The prices of Dayton foreclosure auctions homes and properties in general in Ohio have suffered due to the high number of vacant and abandoned dwellings and buildings. According to local authorities, around 130,000 mobile dwellings, apartments and regular houses have gone vacant in the state in the past decade.
This, according to local housing market analysts, has caused properties being sold at home auctions in Ohio to suffer from significant price declines. To make matters worse, housing authorities are reporting that abandoned or unkempt properties are now as common in small cities as it is in metro areas.
As the number of properties offered at auctions of foreclosed homes in the state increases, empty and derelict-looking properties have also risen in number. According to local statistics, vacant houses have been growing in number in Ohio by an average of 5% each year since 2000. This figure is about 25% higher than the country-wide average.
Although the number of empty and abandoned properties accumulated in the past few years have slowed down in big cities and Dayton foreclosure auctions have less of these types of properties on offer, the total number is not diminishing since the trend is just moving to smaller counties and towns. Just like in big cities, smaller areas are now faced with the problem of declining property values due to these abandoned premises. They also force local authorities to shell out tax money to finance the maintenance or demolition of such properties.
Local figures showed that between 2000 and 2010, vacant houses in places like Cleveland, Dayton, Cincinnati, Toledo and Columbus have grown by around 6.1% every year. The figure is significantly higher than the country-wide growth average of 5.4%. Market analysts are predicting that the growth will continue for the next five years, with a yearly increase of at least three percent. They also predicted the smaller towns and cities to be at par with bigger metros in terms of vacant property numbers.
One local area that is starting to record big numbers of abandoned premises is Sandusky County, with over 2,000 vacant dwellings in 2010. Analysts have stated that this trend, just like the increase in the number of properties under Dayton foreclosure auctions, is mainly due to high unemployment rates in the whole state.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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