Good News for Cincinnati
February 14th, 2008 categories: Pricing
Cincinnati had the fewest foreclosures for the Ohio metros in 2007.
In an article The Cincinnati Business Courier reported yesterday that according to RealtyTrac’s ranking of 2007 metropolitan foreclosures- Ohio had many cities in the top 20, but Cincinnati had the lowest foreclosure rate of the state’s major cities.
Reuters had provided more comprehensive view of the same report offering some insights into the country’s worst markets. No surprise that greater Detroit, Michigan market is the worst in the country….echoing the woes of the automotive industry which dominates the employment market for area.
The weak markets throughout the country means that sellers in Cincinnati receiving contracts from out-of-town buyers may need to extra steps to ensure they do not to sell their home in order to close on their purchase here.
If you need more details about the “domino effect of selling” in today’s market-call or send an email.
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At last an easy to understand description about blogs.
Thank you
Do you think its a good time to look at foreclosures as an investment opportunity? What are the pro’s/con’s and how would one find those opportunities?
Great question- the simple answer is -yes it is a great time to look for investment opportunities. As an investor you always need to look very closely at the return on your investment. With so many foreclosed or short sale properties- make sure you and/or your agent does their homework to research all the liens against the property.(See article:http://thecincyblog.com/2007/12/12/crucial-short-sale-advice-for-the-greater-cincinnati-area/) The most important element is patience. The lenders are not staffed to handle the volume and take months to work out the details. And if there are multiple lien holders involved- add more time to the process.
A couple of ways to begin your search is through your realtor, maybe following up with For-Sale-By-Owners (FSBO)- many FSBO’s are attempting “short sales” to avoid foreclosure. There are also a number of web sites. Also, a good reference may be your own bank. Check with them to see if they have any foreclosures available in the neigborhood.
Good Luck.