Warren County Ohio Foreclosure Update: Scheduled Sheriff's Sales through 8/1/2011
The latest numbers continue to demonstrate a stable foreclosure market for Warren County, with the last few weeks banded in the 20-25 per auction . Two additional weeks of homes scheduled for foreclosure since the last update, with no week above 24. Although obviously regretful for those impacted, it is still a positive sign that that numbers overall are trending flat.
The chart details the number of scheduled sheriff's sales PLANNED by week for Warren County Ohio and represents a wide range of locations and price ranges throughout the county. The numbers include builders and property rental owners being foreclosed, not just private individuals occupying the homes. The data source is the Warren County Sheriff's website.
Click HERE for additional details to access the official list from the Warren County Sheriff's website.
On June 1st, Cincinnati MLS currently lists 1709 homes for sale and not under contract in Warren County. Of those 1709, ONLY 68 (down from 87) are government/bank owned (3.97%). There are also a limited number of short sale opportunities, only 23 are MARKED Seller's Lender Approval required, although there are additional homes listed as short sale candidates in the marketing remarks. The distressed home categories range in price from $17,000 all the way to $2.2 MILLION dollars! Overall, well less than 6% of Warren County's homes for sale are clearly classified as distressed property.
In regards to sales for May, 46 bank owned and 2 short sale homes closed out of 192 homes recorded as closed. Due to delays in reporting month end closings, the 192 number will probably increase. Of the 192, that would mean 25% of sales were distressed properties. Considering that many of those homes were the "bargain basement" variety appealing to investors and typically priced well below $100k, there is not much direct impact or competition if you are marketing a home priced over $200k.
For Warren County buyers, there are obviously a limited number of opportunities. For Warren County home sellers, the distressed home volume is NOT significant enough to prevent buyers from coming to your home if properly priced and marketed. Real estate is LOCAL, please disregard the National news and to a certain extent even the Cincinnati and Dayton reports as they are driven by urban real estate and NOT suburban and rural properties.
DISCLAIMER: There may be additional homes offered for sale in ONLY the Dayton MLS that might include additional foreclosed homes and short sale candidates. When working with buyers for Warren County, we use BOTH Cincinnati and Dayton MLS to ensure our buyers have visibility to ALL MLS listed homes.
If you have questions regarding these sales, or other real estate related questions,
please don't hesitate to contact us!
Serving Your Warren County Residential Real Estate Needs,
Bill & Liz aka BLiz
REALTORS(S) Serving Warren County Ohio & Adjacent Areas
The Liz Spear Team of RE/MAX Elite
Elizabeth & William Spear
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11 Comments on Warren County Ohio Foreclosure Update: Scheduled Sheriff's Sales through 8/1/2011
It looks like we will as a nation get through the foreclosure mess and normal markets will prevail. Hopefully most those foreclosed homes have been put into salable shape and now have happy new owners.
Glenn, It looks like the time on market for the foreclosure homes in decent condition is pretty short. The overall numbers didn't change much from the last few reports, yet roughly 50% of them had sold. They don't seem to be taking up a larger portion of the overall market, so it's a good sign pointing towards recovery.
Bill,
If I understand this report correctly, it seems like Warren County has seen the forecloure market have less of an impact on the housing market, than many other communities. Moreover, you seem to turning the corner, as it were, and seeing fewer homes in distress. And that is a good thing.
Scott, You're reading it right. I think we've gotten through the worst of it. The average to above average price point for our area is only minimally impacted by distressed property competition at this time.
Good Warren County foreclosure market report that will help your local consumers determine if the REO market is right for them.
Anita, The news is getting better for the overall market. Still opportunities for REO and regular resales both.
What is wonderful about your approach to reporting local news and stats, is that you take the time to make them meaningful by explaining the impacts and influences. This is such an important component in assisting the public in understanding the foreclosure and short sale market. Thank you!
Am disappointed...where is the post about working together and being married 26 years today? lol
Karen, This report has been evolving, this one we added even more interpretation. Initially we just did the raw data and a little explanation. Hopefully this version captures everything the consumer needs to make the right decision for themselves.
Cindy, Tish covered that one for us! :) We covered the Localism angle with both posts today :)
BLiz, it does seem to be a steadier trend in your area...when i talk to asset managers they easily share that there are SO many to happen foreclosures all the big banks are sitting on it is mindboggling...they just can't release them but they aren't doing the loan mods either to make them be viable for the present homeowners!!
Ginny, That's the only thing that makes me nervous. ARE the banks in our area stalling on foreclosures, or are we REALLY stable? Only time will tell. I'm hoping for stable. Our area economy is stable, jobs steady, home sales fairly steady, so I think our area is on the road back.
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