According to RealtyTrac foreclosures in judicial foreclosure states (Ohio is a judicial state) are “boiling over”. Overall foreclosure related filings are down sharply from a year ago- in spite of increased activity in states where courts are in charge of the foreclosure process. Ohio now ranks 7th with 1 in 556 homes in foreclosure.
In the greater Cincinnati market potential buyers can check local county Sheriff web sites for information about properties currently caught in the foreclosure process. Some of the web sites are easier to navigate -but the information is available:
Since the last report Ohio is faring better than the neighboring states of Kentucky and Indiana. Year over increase for August-Kentucky filings increased 73% and Indiana by 20%. Overall bank repossessions decreased for the 22nd straight month with 52,380 filings in August – a 2% decline from July and a 19% decrease from August, 2011. According to the Multiple Listing Service of Greater Cincinnati– 813 active listings (approximately 7% of the listings) state ownership is either Lender or Government. If you search for Cincinnati foreclosures using Trulia.com you’ll find over 4,700 foreclosure listings.
Need more information about the impact of short sales and foreclosures in your neighborhood-call or email for updates.
Related Article: The Mortgage Report