Nationally, the foreclosure rate has dropped by about 16% compared to last year. The top 4 states with the most foreclosure activity included New Jersey, Delaware, Maryland and Illinois. Many states that have a judicial foreclosure processes, requiring court involvement, are still working through a backlog of cases that erupted during the Great Recession.

Most Ohio counties have actually seen a reduction in foreclosure activity. As of January 2018, Franklin County foreclosures were down 36% compared to a year ago. About 1 in every 1,636 Franklin County homes are in some stage of the foreclosure process.

Like all real estate activity, foreclosures are highly localized. Here are the top 5 cities for Franklin County foreclosures:

• Harrisburg: 1 in every 177 homes
• Groveport: 1 in every 932 homes
• Galloway: 1 in every 1,033 homes
• Grove City: 1 in every 1,213 homes
• Hilliard: 1 in every 1,300 homes

In Delaware County Ohio, foreclosures only affect every 1 home out of every 4,413. Yet January 2018 foreclosure activity increased by 67% compared to the same month a year ago. The top 5 cities for Delaware County foreclosures include:

• Ostrander: 1 in every 1,476 homes
• Delaware: 1 in every 2,796 homes
• Powell: 1 in every 3,659 homes
• Galena: 1 in every 3,687 homes
• Westerville: 1 in every 5,654 homes

It’s important to understand that very few foreclosures happen during the holiday season. Some of the January uptick may be the result of delayed filing actions from late 2017. And because the mortgage default rate has been benign for the past few years, it’s very likely that we are seeing banks and courts catch up on foreclosures that were overdue for action.

When you need in-depth information about local market conditions in Central Ohio, let us be your guide! As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Broker, CEBA-M, CNE, CSP, PSA, e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services, www.buyershome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

The post Ohio Foreclosure Filings See Early 2018 Uptick appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.

We’ll be the first to tell you that there is no crystal ball for Columbus home prices. And by the time the media reports that housing prices have hit bottom, home prices will already be higher! To help clarify things, we’re going to share market information that will be helpful to you.

Columbus Board of REALTORS® Reports Fewer Foreclosures, Faster Market Activity

According to the Columbus Board of REALTORS®, the number of distressed properties on the market. including foreclosures and short sales, declined by 37.5% in the past year.  Distressed property activity is down by 50% since 2010.

Columbus homes are also spending fewer days on market. In the fourth quarter of 2012, homes for sale averaged 83 days on market. During the same period a year ago, homes averaged 101 days on market.

Meanwhile, home prices in 2012 rose above 2011 levels. The year-over-year gains are being driven by shrinking housing supply, increased buyer demand and fewer foreclosures.

Central Ohio Foreclosure Prices Inching Higher

RealtyTrac reports that Central Ohio foreclosure sale prices increased by 7% during the third quarter of 2012. Throughout Ohio, foreclosure sale prices have increased by about 4%.

Overall, Ohio home sales activity was up by 13% during 2012, with sale prices rising as foreclosure inventory declined.

However, industry analysts expect that more foreclosures could hit the market in the first and second quarter of 2013, as banks release long-held foreclosure inventory. Depending on the absorption rate and volume, this could influence home values in the upcoming months.

Get Professional Guidance for Columbus Home Buying

All real estate is hyper-local. Some areas of Columbus have more foreclosures in the pipeline than others, so there will be variety in home values neighborhood by neighborhood. Looking at the big picture, Columbus is adding jobs and returning to a stronger economy. In turn, this will help prevent new mortgage defaults, which mean fewer foreclosures and healthier home prices.

Let us help you with your home ownership goals! As your Exclusive Buyer’s Brokerage, we focus on helping Columbus home buyers! We will provide you with the latest home sales data and the expert guidance you need for home buying success. Please download our free e-book for immediate access to home buying tips and strategies!

Contact us for help with all of your home buying questions!

Andrew Show
Broker, CEBA, CEBA-M, CNE, CSP, ABR-M, e-PRO, GREEN
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

www.BuyersHome.com
Connect With Me:
Facebook
Twitter

The post Have Columbus Home Prices Reached the Bottom? appeared first on Columbus Ohio Real Estate | Buyer's Resource Realty Services.