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Repossessed Houses for Sale Remain Low in Some Ohio Areas

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By : John Cutts    99 or more times read
The number of dwellings for sale in January 2011, including repossessed houses for sale, remained low in several areas of Ohio. Sales, however, were able to maintain the average usually seen during the month of January.

Although fixer houses in Columbus and distressed properties in other Ohio markets still pose heavy competition to other for-sale residential properties, analysts believe that certain local markets are starting to rebound from the foreclosure crisis. In Tuscarawas County, the number of houses for sale has declined to its lowest total since March of 2005. However, realtors are expecting more homes to get listed as the year progresses.

Ohio distressed properties and other types of listed for-sale dwellings totaled 498 in the county last month. The figure represents a decline of 12.5% compared with January 2010, when a total of 569 residential properties were listed. The January 2011 figure is closer to the March 2005 total of 470. Realtors stated that winter months are typically slow in terms of listings and sales, and they are expecting inventory to increase in the coming months as the weather gets warmer.

They reported that by the end of January, they have started receiving more calls from people who wanted to list their homes, including sellers of repossessed houses for sale. They revealed that majority of these sellers have waited for more than a year, not wishing to get their properties listed until the market turns for the better. Now, however, most of them feel that the market is on the rebound and it is the right time to sell.

Most housing market analysts agree with sellers, asserting that 2011 will be a better time to sell houses compared with last year. Part of the reason for this observation was that there are fewer distressed properties coming into the market and the number is expected to remain low for the rest of the year.

In terms of housing units sold, such as repossessed houses for sale, the county posted a total of 45 closings last month. The figure was slightly lower than the 2009 total of 48, but was higher than the 2008 total of 30. Last month's figure remained near the average 48 recorded for January in the past 10 years.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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