Foreclosures and short sales at an all-time low in central Ohio
The inventory of short sales and foreclosures in central Ohio dropped to an all-time low during the second quarter of 2014. The 961 distressed homes for sale in 2Q-2014 was down 57.6 percent compared to 2Q-2013, and down 76 percent from a peak of 4,005 distressed homes for sale in 4Q-2010.
About one in eight homes (12.7 percent) for sale between April and June were distressed versus one in four homes (25.0 percent) during the same period in late 2010 according to the 2Q-2014 Lender-Mediated Properties Report from Columbus REALTORS®.
There were 1,228 lender-mediated homes put up for sale during 2Q-2014 which was 41.1 percent fewer than the 2,086 distressed home listed during the same period last year.
A property is considered to be “lender-mediated” if it is listed as bank-owned/REO, HUD, short sale, VA, or foreclosure.
“We’ve seen fewer and fewer short sale and foreclosed homes added to the market over the last three years,” said Milt Lustnauer, 2014 President of the Columbus REALTORS®. “This suggests we’ve effectively absorbed the surplus of distressed properties seen during the housing recession.”
Of the total homes sold during 2Q-2014 (7,796), 15.1 percent were distressed (1,180) - down 42.6 percent from 2Q-2013 (2,056). But the number of non-distressed homes sold (6,616) was up 5.6 percent over a year ago.
2Q-2014 Lender-Mediated Properties Report
Previous Lender-Mediated Properties Reports
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Morrow, Pickaway and Union Counties and parts of Athens, Champagne, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Marion, Muskingum, Perry and Ross Counties.
For more information about the central Ohio housing market, visit www.ColumbusRealtors.com/stats
To view commercial properties for sale or lease in central Ohio, visit www.COCIE.org
To view residential properties for sale, visit www.Realtor.com.