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Residential, Ranch Properties for Sale Lack Buyers in Some Ohio Areas

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By : John Cutts    99 or more times read
Sales of residential, commercial and ranch properties for sale continue to decline in some areas of Ohio. The residential property segment is the hardest hit in August 2010, particularly in Summit County, which recorded a 22.7% decline in home sales when compared with the same month of 2009.

Sales of existing dwellings and foreclosed homes in Columbus, OH and in most local areas of the state have recorded declines for August. At Summit County, a total of 330 houses were sold for August 2010 compared with the 427 total sold in August 2009. According to the Akron Area Board of Realtors, the August sales figure for the current year is the lowest for the month since 2003.

The decline in buyer interest for existing houses and Ohio foreclosed homes for sale recorded in August mirrors the scenario of the previous month, with most areas recording sales declines across all residential property types. Summit County recorded a 25.9% sales decline in July 2010 when compared with the same 2009 period.

Housing market analysts pointed out that the sales drop for residential, commercial and ranch properties for sale happens while mortgage rates are at record lows. They attributed the lack of buyer interest on the federal government tax credit initiative ending earlier. Overall state sales of homes posted a decline of over 25% for July when compared with July 2009. The total number of homes sold for July in the state was 7,840 compared with 10,535 recorded in July 2009.

According to housing industry observers, the reluctance of buyers to purchase existing residential properties and foreclosed properties for sale is mainly due to the uncertain economic condition of the state and the whole country, with most potential buyers worried about losing their jobs.

Analysts have added that, with unemployment rates hitting almost record figures, most state residents find it easier to rent apartments rather than make a commitment to pay a mortgage for 30 years. Despite most home buyers' views of the market, a number of analysts believe that, with mortgages at their current rates, now is the right time to invest in residential, government or ranch properties for sale.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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