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Sales of Bank and Fannie Mae Foreclosed Properties Fell in Ohio

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By : John Cutts    99 or more times read
Sales of existing residential properties, including bank and Fannie Mae foreclosed properties, dropped in Central Ohio during November 2010. According to housing market experts, the decline can still be attributed to the U.S. federal government's tax credit program which artificially inflated 2009 housing sales statistics.

Sales of single family Columbus distressed homes, condominium units in various areas of the state and other existing dwellings dropped by almost 28% in November 2010 compared with the same 2009 month. Total number of existing housing unit sales for November 2010 reached 1,325 compared with the 1,839 total posted in November of last year. According to housing market observers, the previous year's figure was boosted by homebuyers taking advantage of the federal tax incentive.

Majority of local analysts believe that, to accurately gauge the housing sales trend in the region, Ohio distressed homes for sale and other existing dwellings purchased in November 2010 should be compared with November 2008 figures since both months were not affected by the tax credit program. In November 2008, 1,153 existing residential properties were purchased in the region, which represented a slight decline from the November 2007 total of 1,585.

Realtors in the region reported that November 2008 signaled the start of the housing market decline, when bank foreclosed dwellings and Fannie Mae foreclosed properties started flooding the market. The decline continued on, with most succeeding monthly figures recording a drop compared with year-ago and month-ago levels. November sales represented a drop of 3% when compared with the 1,368 total posted in October 2010.

As for Central Ohio's housing inventory, realtors reported that around 11 months worth of distressed foreclosure homes and other existing dwellings remain unsold and are in the sales pipeline of the region as of November. Meanwhile, year-to-date existing home sales totaled 18,216, representing a 3% fall compared with the same 2009 period. The first 11 months of the previous year had a total of 18,771 existing residential properties sold.

In terms of the length of time that Fannie Mae foreclosed properties and other existing houses stayed in the market before getting sold, 2010 showed some improvement. For the first 11 months of the year, homes stayed in the market for 89 days compared with 97 days the year before.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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