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Sales of Foreclosed Bank and Freddie Mac Homes Fell in Cincinnati

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By : John Cutts    99 or more times read
The total number of foreclosed properties sold, including bank foreclosures, foreclosed Freddie Mac homes and government foreclosed houses, declined in Cincinnati during the July-September 2010 period. The whole Tri-State area also recorded a foreclosure sales drop in the same quarter.

Sales of foreclosure homes in Cincinnati, OH and the rest of Hamilton County, for which Cincinnati is the county seat, declined by 38% during the current year's third quarter when compared with the second quarter of 2010. A total of 327 foreclosed homes were sold during the July-September 2010 period, with sales price averaging $88,829. The price was 49% lower than the price of a regular home sold during the same period.

Real estate foreclosures in Ohio sold during the 2010 third quarter declined in all counties, with Warren recording the second highest percentage decline at 24.45% when compared with the 2010 second quarter. Warren had a total of 123 foreclosed properties sold during the period, representing an 18% drop when compared with the 2009 third quarter.

For both Butler and Clermont counties, the number of foreclosed bank, government and Freddie Mac homes sold in the third quarter declined by 23.5% when compared with both the second quarter of the current year and the third quarter of 2009. Butler had a total of 221 foreclosures sold for the 2010 third quarter, while Clermont sold a total of 122 for the same period.

In the whole Tri-State area, people who buy foreclosure home properties were fewer in the 2010 third quarter. Total foreclosures sold at the region declined by over 7% when compared with the 2009 third quarter. A total of 1,094 foreclosed dwellings were sold at the region during July-September 2010. Last year, third quarter foreclosure sales totaled 1,179 in the Tri-State.

According to housing market observers, foreclosure sales declined all over the U.S. during the 2010 third quarter. They attributed the decline to the expiration of the federal government's tax credit initiative. They also revealed that those who took advantage of the low-priced foreclosed properties in the third quarter, including bank foreclosures and Freddie Mac homes, were able to purchase residential properties that are 32% cheaper than non-foreclosed houses. The price difference is the highest since the 2005 fourth quarter.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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