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