Ohio is one of the top US states where prospective homebuyers are finding and purchasing foreclosed homes for sale at cheap prices. Since the housing industry downturn has affected the industry, the volume of foreclosures in the state has been robust. The inventory for foreclosed homes has always been piling up. Thus, Ohio foreclosure listings continue to enjoy huge and active patronage.
Latest data posted by RealtyTrac, a property tracking company, indicate that the number of foreclosed homes in the state fell 30% in October 2008; that is year-on-year. However, compared to volume in September, foreclosed rate rose 6%. This simply means there will still be numerous foreclosed homes for sale in the state. In comparison to national average of 1 for every 452 homes foreclosed, foreclosures in Ohio stands at a home for every 417 households. The state stands at No. 10 in ranking for states with the highest foreclosed rates.
As the number of available foreclosed homes continues to rise, the inventory continues to pile up. The law of supply and demand states that when demand is flooding, price tags tend to fall. This is very true in the case of Ohio. Because it has always figured out to be on the top 10 of states with robust foreclosure rates, Ohio has always been a favorite destination of homebuyers who are always aiming to purchase homes at very cheap prices.
Would you let opportunities pass? The number of homes in Ohio foreclosure listings is expected to remain high. But as homebuyers continue to flock the state, inventory is forecast to empty itself in no time. And as states implement laws to control and curtail inflation, prospective homebuyers should always be prepared to seize opportunities because such may be lacking in the near future.
Florida remains to be one of the states with the worst rates of foreclosed homes in the US. October 2008 data released by RealtyTrac show that the state is at No. 3 in the list of states with the highest volume of foreclosed homes in the country. About 54,320 households were foreclosed in the month, up 80% when compared to the number in October 2007. That translates to a home foreclosed every 157 houses. As a form of consolation, that is still lower compared to the national foreclosure rate of one home in every 452 houses.
Florida foreclosure listings are actively featuring foreclosed homes for sale through regularly held auctions and through real estate ownerships. Most foreclosures are held by mortgage lenders, who are desperate to divest and dispose the properties. It is high time for homebuyers to snap foreclosed homes in the state as foreclosed home prices fall 20% to 50% off actual market values. That means there are numerous opportunities to acquire foreclosed homes at very cheap costs.
To further bolster sales, more Florida foreclosure listings are released and are frequently updated. Public viewings of homes for sale are also held regularly prior to actual auctions, to give prospective buyers more time and leeway to decide whether to buy foreclosures or not. Furthermore, sellers are also increasing commissions of agents from about 2% to 3%. Thus, such agents strive more to sell more foreclosed homes at every means possible and available.
It is very likely that the number of houses in Florida foreclosure listings will remain high for some time. As the current economic slowdown continues in the US, so is the rising volume of foreclosures. More homebuyers will be given more opportunities to check out and purchase foreclosed homes at practical prices.
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