According to a report issued by the Columbus Board of Realtors, 40 percent of all homes sold in Ohio during the first half of 2011 were foreclosed.
This is similar to the national rate that states that 30 percent of all homes purchased are foreclosures. Although foreclosed homes accounted for 36 percent of all homes sold, they only accounted for 16 percent of the homes on the market.
The reason for this is because foreclosed and short sale homes tend to sell for much less and banks are pushing to get rid of these properties. Conventional homes sold for an average of $166, 395 while foreclosed and short sale homes sold for $70,000. real estate agents in the area are happy that the number of foreclosed homes has dropped from 4,000 to 2,500.
If you or a loved one has been struggling with debt, discussing your options with an experienced representative is the first step in protecting your investment. Contact the Cincinnati foreclosure defense lawyers of Ryan J. Ruehle, LLC, to discuss other options such as mortgage modification and beating the 20-day foreclosure clock.