The housing and economic environment in Ohio is turning sour. Currently, it is the most difficult time to buy new homes in the state. Just recently, the state's housing finance agency has temporarily halted its program of offering loans for people who need down payments for home acquisitions. As the housing prices tend to go down, not many people could seize the opportunity and buy.

However, the housing industry in the state has a lifeline. Sales of Ohio foreclosure homes have been on the growth track since the housing downturn began and foreclosure inventory piled up. It is not surprising how homebuyers and investors are shifting their focus to foreclosed homes in the state. Prices are off to about 20% to 50% off market values. What more could homebuyers ask for?

The city of Cleveland is the most affected by the rising number of foreclosures in Ohio. Majority of the foreclosed homes in the state can be found in the city. Because there is a glut of Cleveland foreclosure homes, prices unsurprisingly are declining. Now, foreclosed homes prices in the city are at a median of about $150,000. That is truly affordable and practical according to standards usually set by homebuyers.

Indeed, it is a good time to acquire any of the Ohio foreclosure homes that are up for sale. If you decide to purchase any foreclosed home, you are not only underpinning opportunities. You are also somehow helping the overall state housing industry generate funds, especially these times when mortgage and home lenders need cash the most to avoid bankruptcy.

Resource box: It is a good time to acquire any of the Ohio foreclosure homes that are up for sale. If you buy any of the available Cleveland foreclosure homes, for example, you are not just seizing opportunities to buy a cheap house; you are also helping the state housing industry remain afloat.