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Repo Home for Sale and New Houses Sales Drop in Toledo

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By : John Cutts    99 or more times read
Sales of residential properties, including new dwellings, foreclosed properties and repo home for sale, declined in Toledo, Ohio in November 2010. According to latest housing reports, the metro area recorded a 24% drop in residential property sales for the latest month compared with October 2010.

A total of 432 residential properties, including Toledo distressed homes and new houses, were sold in the city for the month. The metro area was able to sell 456 homes last October and sold a total of 565 in November of last year. The average price of homes sold for November 2010 was $92,300, down from the average October price of $95,900 and from the November 2009 price of $104,600.

Based on local housing data, the decline in the prices of newly built houses and distressed homes in Ohio in November marked the fifth month in a row that housing prices have declined in the metro. However, although Toledo recorded monthly price declines, average year to date home prices are actually up by 2% when compared with the same 2009 period.

Local housing analysts have stated that November home sales data, which includes new residences, foreclosed and repo home for sale showed that most buyers remain wary of purchasing residential properties despite their very low prices. Analysts added that consumer confidence is at an almost all time low, mainly because of the economic downturn.

Analysts also stated that the last two months of any year leading to the holiday season are often not the best time for buyers to find distressed properties or newly built houses since they will likely be saving for the Christmas holidays or would be too busy taking care of year-end tasks. Housing analysts further added that sales figures in the last few months seemed to be even lower because of the strong selling activity recorded in the first half of 2010 when the federal government's tax credit was still available.

Another factor cited by analysts is the presence of huge numbers of repo home for sale and foreclosed residences. According to them, the few buyers willing to purchase will likely go for cheaper foreclosed dwellings, which lower the accumulated value of home sales recorded in the area at any given month.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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