Warren County Ohio Foreclosure Update: Scheduled Sheriff's Sales through 1/9/2012

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Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

Warren County Ohio Foreclosure Update: Scheduled Sheriff's Sales through 1/9/2012

Warren County Ohio Foreclosures

 The latest numbers continue to demonstrate a stable foreclosure market for Warren County.  With four additional weeks added, there is a range of 21-31 per weekly scheduled auction, and the high of 31 included four builder foreclosures. The GOOD NEWS is there wasn't a spike of nearly 100 foreclosures just before Christmas like there was in 2010!  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 10.  

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

On November 2nd, Cincinnati MLS currently lists 1501 (DOWN from 1521 for the October 1 report) homes for sale and not under contract in Warren County.

Of those 1501, 60 (UP 6 from 54) are government or bank owned (now 4.00%  of Warren County homes for sale vs. October's 3.55%).

There are also a limited number of short sale opportunities, 61 (UP 23 from 38) are MARKED Seller's Lender Approval required, although there are additional homes listed as short sale candidates in the marketing remarks.  Reporting rules have been tightening, so more agents are clearly marking the homes as Seller's Lender Approval required.  We don't believe there's an actual significant increase in homes available for short sale.

The distressed home categories range in price from $19,900 all the way to $1.9 MILLION dollars! Overall, only 8.06 % of Warren County's homes for sale are clearly classified as distressed propertyWhile up from last months 6.05%, this is still a low number overall.

In regards to sales for October, 40 (was 26) bank/government owned and 5 (was 2) short sale homes closed out of 190 homes recorded as closed.   Of the 190, that would mean 23.68% of October sales in Warren County were distressed properties (up 5% from the last report's 18.3%).  Obviously, buyers are still looking for the bargains on the market.  Sales prices ranged from $15,000 to $268,900.  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 exceeding sales, so at some point we'd expect more homes to be returned to the market.

For Warren County buyers, there are still a very limited number of opportunities, and some distressed properties will be in less than desirable 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 .  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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Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

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Rainer
1,756,848
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Liz & Bill - It looks like the trend is good.  The numbers are getting smaller.

Nov 02, 2011 03:48 AM #1
Ambassador
2,705,979
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Conrad, Stable or smaller, sure beats increasing!  We're looking forward to when this segment is so small as to not need explanation :)

Nov 02, 2011 03:52 AM #2
Ambassador
1,500,561
John McCormack, CRS
Albuquerque Homes Realty - Albuquerque, NM
Honesty, Integrity, Results, Experienced. HIRE Me!

Hi Liz and Bill -

Tons of information in this post!  I think you nailed it with your above response to Conrad.  Stable or smaller sure beats increasing!!! 

Best regards from the Q

Nov 02, 2011 04:05 AM #3
Rainmaker
820,770
Juli Vosmik
Dominion Fine Properties - Scottsdale, AZ
Scottsdale/Cave Creek, AZ real estate 480-710-0739

Liz/Bill - great report.  Your numbers are so low - but ours are getting better.  I'm going to have to check out our recent stats.  I'll report back so you can see the difference between the Phoenix market and the Warren County real estate market.  Thanks for taking the time to prepare a well written report.

Nov 02, 2011 04:07 AM #4
Ambassador
2,705,979
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

John, Initially we did the charts with some very brief explanation.  Then we started adding the analysis and interpretion.  It's bit long, but we know this report gets some Google hits by our local consumers, and even generated a call or two :)

Juli, Glad to hear yours are getting better in AZ.  We're fortunate to live in an area that wasn't massively impacted by the foreclosure mess.  It's hurt some, but not nearly as bad as it might have.

Nov 02, 2011 04:49 AM #5
Rainmaker
2,309,608
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Great consumer information and good to hear that only 8.06% of the available properties are distressed homes.

Nov 02, 2011 09:05 AM #6
Ambassador
2,705,979
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

Anita, We'll take it!  Would like lower than 8%, but it surely beats anything higher!

Nov 02, 2011 11:12 AM #7
Rainmaker
508,962
C. Lloyd McKenzie
Albuquerque, NM
Living Albuquerque

Good Evening Lizand Bill:

A very comprehensie Foreclosure Update.  Residents of Warren County should be Calling your Numbers when they plan to purchase a foreclosure or if they need information about foreclosures and other types of real estate

Nov 02, 2011 03:24 PM #8
Ambassador
2,705,979
Liz and Bill Spear
RE/MAX Elite 513.520.5305 www.LizTour.com - Mason, OH
RE/MAX Elite Warren County OH (Cincinnati/Dayton)

C. Lloyd (not sure if that's your preferred method of address?),

We try to cover the essentials, everything but the list of foreclosures on the market, which we can customize pretty quickly for any potential buyer who asks us.

Nov 02, 2011 03:49 PM #9
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