Warren County Ohio Foreclosure Update: Scheduled Sheriff's Sales through 2/13/2012
The latest numbers show a significant INCREASE in foreclosures for Warren County. With four additional weeks added, the range of approximately 30 foreclosures per week spiked to 50 per week. However, this increase may be deceptive. Due to holiday schedules, there have been three recent weeks with NO foreclosures. If you assume the previously typical 30 per week, that's approximately 90 deferred foreclosures. Spread those 90 over four weeks you get an extra 22 homes to add, which would explain the 50 per week. However, if the upcoming weeks continue to show 50s or more, we'll know that there has been a true shift upwards in banks foreclosure activity.
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 10.
Click HERE for additional details to access the official list from the Warren County Sheriff's website.
On December 9th, Cincinnati MLS currently lists 1429 (DOWN from 1501 for the November report) homes for sale and not under contract in Warren County. We'd attribute the decrease in homes on the market to the typical choice of some home sellers to come off the market for the holiday season.
Of those 1429, 75 (UP 15 from 60) are government or bank owned (now 5.25% of Warren County homes for sale vs. November's 4.00%).
There are also a limited number of short sale opportunities, 65 (UP 4 from 61) 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 $17,550 all the way to $1.9 MILLION dollars! Overall, 9.80% of Warren County's homes for sale are clearly classified as distressed property. While up from last months 8.06%, this is still a low number overall, but a bit concerning because the percentage has been climbing over the last few months.
In regards to sales for November, 30 (was 40) bank/government owned and 1 (was 5) short sale homes closed out of 174 total homes recorded as closed. Of the 174, that would mean 17.82% of November sales in Warren County were distressed properties (DOWN 6% from the last report's 23.68%). Obviously, buyers are still looking for the bargains on the market. Sales prices ranged from $17,550 to $880,000. The $880k sale is an exception, all other sales were in the $250k or less range, and in most cases significantly less. For most neighborhoods, distressed properties aren't dictating the values, but they are exerting some influence.
However, examining the numbers, there continues to be 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 continuing to exceed homes offered for sale and the completed sales, so at some point we'd expect more homes to be returned to the market.
For Warren County buyers, there are still a limited number of opportunities, and some distressed properties will be in less than desirable condition. Our experience is that often these "bargains" are offset by the work needed to return them to a fully livable condition.
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 . However, place a few distressed property sales together and they do drive the expected price from buyers.
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
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