Comey & Shepherd - Cincinnati Living Online

Cincinnati Foreclosures and the National Foreclosure Market

Recently I have been working with a number of clients who have expressed interest in purchasing a foreclosed property simply because of the savings, compared to the market value of the home.  Foreclosures are still abundant in Cincinnati and as the jobless recovery continues, sadly, more foreclosures will be coming on the market.

Thankfully the volume of property has been manageable compared to the foreclosure glut that other states have experienced. According to  foreclosure-tracking company RealtyTrac.com, over half of the country’s foreclosure-related actions in August occurred California, Florida, Michigan, and Nevada. The top 10 list also includes Arizona, Illinois, Georgia, Ohio, Texas and New Jersey.

The word of caution I give my buyers is that with a foreclosure, the savings on the initial sale price may not yield an overall benefit depending on the condition of the home. Those considerations, coupled with the general complexity of the Foreclosure purchasing process, are giving my buyers an appreciation for how much more value a well maintained home has.

If you are interested in purchasing a foreclosure call me at 513-518-1140 or e-mail me for more information.