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Sales of Tax Lien Foreclosures and Other Residences Declined in Ohio

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By : John Cutts    99 or more times read
Housing sales in Central Ohio declined last year compared with 2009 figures. Non-foreclosed and existing residences, including tax lien foreclosures, continue to pile up in the region as home buyers stay away from the residential property market. Last year was the fifth year in a row that housing sales have fallen in the area.

Sales of both new homes and foreclosed homes in Cleveland, OH, and in other areas of the state recorded decreases last year, with most analysts predicting that the current year will be much the same for the region's home buying market. A total of 19,676 residential properties was purchased by buyers last year in the area of Columbus, representing a 2.8% drop from 2009. It also marked the first time within a 10-year period that full-year housing sales in the region have gone below 20,000.

The average price of Ohio foreclosures and non-foreclosed houses sold in the central region of the state in 2010 was $158,893, making it the lowest average price for a housing unit since 2001. However, the price was just a bit lower than the average price of 2009 homes, leading analysts to speculate that residential prices are starting to bottom out. The difference in the price of houses last year compared with 2009 was a mere half point.

According to housing market observers, the fact that the prices of houses, including residential tax lien foreclosures, declined by only half a point last year compared with the previous period showed that prices are slowing their descent. Average prices of homes have been dropping in big percentages every year since 2005, analysts have reported.

Meanwhile, prices of homes up for foreclosure and new residences for December of last year remained flat compared with the average price recorded in December 2009. This was considered a positive sign by market analysts too. They stated that a rise in housing contracts in December also showed that the market is stabilizing.

Majority of housing market experts believe that Central Ohio is on its way towards a recovery. According to them, although 2011 will likely remain much the same as 2010 in terms of foreclosure numbers like tax lien foreclosures, prices and sales will not decline further and might even rise this year.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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