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Despite Foreclosure Tax Credit, Dayton Home Sales Decline



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By : John Cutts    99 or more times read
One of the perks of buying a repossessed home is the foreclosure tax credit that the federal government decided to offer to home buyers as an incentive. It is part of their program to make homes more affordable and, at the same time, jumpstart the sluggish home sales activity in states and cities hit hardest by the foreclosure crisis.

But despite such amazing incentive, the home sales activity in Dayton dropped by at least 5 percent in 2010 based on a report released by the Ohio Association of Realtors. Statewide, although there were so many Ohio homes for sale, there were only 100,980 homes sold, a 4 percent decline from 2009 figures. The average sales price, on the other hand, has risen by 2.6 percent to $132,676.

Meanwhile, Dayton’s 2010 housing scene is more or less the same with the volume of houses sold, including foreclosed homes in Dayton OH declining by 5.3 percent. Based on records, there were only 10,757 houses that were bought, again, even though the foreclosure tax credit program was still in full force for most of the year.

According to the association president, the situation of the state housing market is quite interesting, especially since it is still trying to recover from the damages wrought by the sluggish economy in the past couple of years. Nationally, there was a 4.8 percent drop in sales activity last year with the average home prices rising by 1.4 percent.

But if you compare the December 2010 figure to the previous year, it will show an increase of 1.6 percent in home sales, 1.9 percent in sales volume and 0.3 percent in average home sales prices. Clearly, more and more buyers are coming out of the woodwork, checking out the home for sale market with some even learning how to purchase a foreclosure.

Analysts believe that for the last six months, the pattern is clearly pointing towards a recovery. Soon, the housing market will be at a sustainable and adequate level. Of course, it would help if the government offers more incentive programs, such as the foreclosure tax credit, to entice more buyers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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