Warren County Ohio Foreclosure Update: Sheriff's Sales through 10/1/2012

Warren County Ohio Foreclosure Update: Sheriff's Sales through 10/1/2012

Have Warren County Ohio foreclosures and short sales impacting the overall real estate market?  What are the trends in Warren County and how are distressed properties playing a role?  Stick with us and we'll provide the answers!

We'll start with the trend chart of Sheriff's Sales scheduled with THREE additional weeks included since the last report in July:

The last three weeks of scheduled sales continue around the 35 per week number when sales are held.  There was no sale 9/3 due to the holiday, so some displacement into the following weeks would be expected.  Overall, the numbers are fairly stable.  While we'd like to see lower numbers, the 30 +/- 5-10 seems to be typical, with three of the last four weeks totally 35.  The week of 9/24 included 6 properties from the same owner, or the numbers may have been even more favorable.

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. 

Click Warren County's Sheriff's Foreclosures for additional details to access the official list from the Warren County Sheriff's website.

On August 8th, Cincinnati MLS currently lists 1531 (DOWN 8 from 1539 for the our last report in JUly) homes for sale and not under contract in Warren County.   (Another 508 are already under contract, UP 29 from 479 on July 5th).

Of those 1531 homes for sale, 86 (DOWN 9 from 95 in July) are government or bank owned (now 5.61%  of Warren County homes for sale vs. July's 6.17%, so DOWN another 1/2 percent of overall homes for sale, continuing the trend over the last two months of bank owned properties composing a lesser proportion of the market.

WARREN COUNTY SHORT SALES:  DOWN 8 to 76 (from 84) from the last report,  homes MARKED Seller's Lender Approval required, although there are additional homes listed as short sale candidates in the marketing remarks.  More sellers are attempting short sales and being successful.  We personally have one Lebanon short sale listing at 934 Kerns Drive.  (click the picture for more information).

The distressed home categories offered for sale range in price from $8,900 all the way to $784,900 dollars.  Overall, 10.58% of Warren County's homes for sale are clearly classified as distressed property.  this proportion of the Warren County market is DOWN 1% from last months 11.63%.

In regards to completed sales for July, 41 were bank/government owned and 10 short sale homes closed out of 239 total homes recorded as closed.   Of the 239 Warren County homes sold, that would mean 21.38% of July sales in Warren County were distressed properties (DOWN 1.6% from the last report's 22.98%).  Distressed Warren County home sales prices ranged from $12,900 to $355,000). 

For most neighborhoods, distressed properties still aren't dictating the values, but they do have to be considered as part of the competitive landscape.  There ARE some developments where this doesn't hold true and distressed properties are governing the sales process.

The number disparity between foreclosed and actual new distressed properties offered for sale continues to support that there's a growing shadow inventory being held by the banks and not released for sale. 

For Warren County buyers, there continues to be a limited number of distressed property opportunities.  It's a competitive segment with plenty of buyers after the best of the best in that segment.  Others are in such a condition that some loans (e.g. FHA/VA) just aren't feasible.  Our experience is that MOST distressed properties aren't in move-in condition and some require extensive work to be habitable.  Carpets are often badly stained and worn, and there's often deferred maintenance issues (e.g. gutters detached, etc.). 

If you pursue a short sale, be prepared for a long wait.  The banks are NOT famous for fast response time.  Bidding on a short sale home is often an invitation to months of limbo while waiting for ANY response at all from the bank.  Additionally, if you are planning on ONLY  buying a bank owned or short sale home, you're severely limiting your opportunity to live in some of Warren County's best communities.

CLICK:  VIEW WARREN COUNTY OHIO SHORT SALE HOMES IN CINCINNATI MLS for short sale Warren County Ohio homes listed 8/8/12.  Link is good for 30 days.

CLICK:  VIEW WARREN COUNTY OHIO FORECLOSURED HOMES FOR SALE IN CINCINNATI MLS for foreclosed Warren County Ohio homes listed 8/8/12.  Link is good for 30 days

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, anytime you start getting a larger concentration of them, the new market price is influenced by them.

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