Warren County Ohio Foreclosure Update: Scheduled Sheriff's Sales through 11/28/2011
The latest numbers continue to demonstrate a stable foreclosure market for Warren County although with a continued slight bump upwards since the last posted update. With four additional weeks added, there is a range of 13-30 per weekly scheduled auction . There continued to be some foreclosures stopped either due to the owners getting current on payments or due to successful sales prior to foreclosure. We LOVE to see homeowners stop foreclosure proceedings and retain their homes!
NOTE: 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. The chart is primarily intended to provide you a trend on Warren County foreclosures. Horizontal lines occur at intervals of 20. We've almost gotten past the huge spike in foreclosures just prior to the end of 2010.
Click HERE for additional details to access the official list from the Warren County Sheriff's website.
On October 1st, Cincinnati MLS currently lists 1521 (DOWN from 1620 for the September 1 report) homes for sale and not under contract in Warren County.
Of those 1521, ONLY 54 (DOWN 6 from 60) are government or bank owned (now 3.55% from September's 3.70%).
There are also a limited number of short sale opportunities, only 38 (UP seven from 32) 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 $15,450 all the way to $1.9 MILLION dollars! Overall, only 6.05 % of Warren County's homes for sale are clearly classified as distressed property, and that is great news for home owners trying to sell their homes!
In regards to sales so far this month for September, 26 (was 38) bank/government owned and 2 (was 3) short sale homes closed out of 153 homes recorded as closed. Of the 153, that would mean 18.3% of August sales in Warren County were distressed properties (nearly constant from the last reports 18.5%). For the most part, distressed properties are still limited and with the exception of select neighborhoods are NOT driving the market pricing since there are so few, but ARE a disproportianate share of the overall sales.
However, examining the numbers, there is an unknown number of homes being held in reserve by the banks/government and not yet placed back on the market. These homes are commonly referred to as "shadow inventory". Monthly foreclosures are exceeding sales, so at some point we'd expect more homes to be returned to the market.
For Warren County buyers, there are currently a very limited number of opportunities. For Warren County home sellers, the distressed home volume is NOT significant enough IN MOST NEIGHBORHOODS 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