Foreclosures account for about 20% of homes sold in Ohio
More evidence emerged today that Ohio’s housing market is actually two markets: one made up of conventional homes and one consisting of foreclosed properties.
Figures released by the foreclosure-listing service RealtyTrac show a tremendous price gap between foreclosed sales and conventional sales in the state.
During the fourth quarter of 2010, foreclosed homes in Ohio sold on average for $79,611, which is 43percent less than the $138,740 fetched by homes that had not been foreclosed on.
Only Kentucky showed a higher gap between foreclosed- and conventional-home prices.
Overall, foreclosures accounted for 21 percent of Ohio home sales during the period, according to RealtyTrac.
Distressed sales, which include foreclosures and “short sales,” account for about 37percent of all sales, according to the National Association of Realtors.
Even though there’s a big gap between foreclosed prices and conventional prices, foreclosures can affect the price of other sales because such sales are used to set the value of other properties.
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