A number of Ohio foreclosures will be acquired by land banks run by counties throughout the state. More than 6,600 houses across Ohio were notified they were already delinquent or foreclosed in the first two months of the year.
The decline in Ohio foreclosures has been improving house prices in the state. In May, the average sales price for pre-owned homes and new homes jumped up by four percent to $137,310.
If you are a first time home buyer who is considering the option of investing in a property through Ohio foreclosures you are on the right track as there are some great advantages that can be availed through this real estate venture. Some of the plus points of purchasing a home through Ohio foreclosures include tax credit abatements, down payment assistance, low interest housing loans and various residential benefits.
Like in most other housing markets across the country, home prices in Ohio have fallen to their lowest levels due to continued addition of residential properties to foreclosure listings.
The number of houses sold, including non-foreclosed and tax lien foreclosures, declined in Ohio in 2010 compared with 2009. Last year was the fifth year in a row that sales have dropped in the region.
There are still plenty of foreclosures in Cleveland for investors and owner-occupant buyers. There were more than 5,000 homes put into foreclosure in Cuyahoga County in the first quarter.
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