"Once we can remove those sales, we can continue to help our real estate market, local real estate market heal.” - Cincinnati Area Board of Realtors President Pete Kopf
Nearly half of Greater Cincinnati home sales last month involved foreclosures and short sales. Experts say that could help turn the market around.
Cincinnati Area Board of Realtors President Pete Kopf says 44-percent of sales last month were lender involved.
“Some people might say, wow that’s scary. It’s not scary. What it is is the cleansing of the lender involved sales of our inventory. Once we can remove those sales, we can continue to help our real estate market, local real estate market heal.”
He says it’s a domino theory. Foreclosures and short sales bring the market down.
Comparing March of last year to last month, Cincinnati saw a 7-percent drop in home sales. Kopf attributes that to the 2010 first time homebuyers’ credit.
Northern Kentucky home sales were off 11-percent.
Listen via WVXU.com here
Foreclosure report shows 2010 filings down, losses up The economic downturn that began in 2007 continued to affect homeowners throughout 2010, according to a new report by Working in Neighborhoods (WIN).
The Recession Is Over? Hamilton County Families Are Still In Foreclosure, the eighth foreclosure report produced by WIN, analyzes foreclosure statistics from the Cincinnati Court Index's Sheriff Sale Listing for each of Hamilton County's municipalities and the City of Cincinnati's neighborhoods.
Greater Cincinnati and Northern Kentucky’s residential real estate market bucked the national trend as home sales rose in February compared to January.
The Cincinnati Area Board of Realtors on Monday reported 963 home closings in February, up from 895 closings in January 2011, and up from 945 closings in February 2010. For the first two months of the year, sales were up 2.82 percent, to 1,858 from 1,807.
The average price fell 3.34 percent to $144,070 in February from $149,046 in February 2010. For the year, the average price is down 4.44 percent to $143,076.
The median sales price fell to $111,000 in February, from $118,000 in February 2010. For the year, the median price is down to $109,000 from $116,000. Median price is the midpoint of all sales.
Pete Kopf, president of the Cincinnati Area Board of Realtors, said increases in mortgage rates and rent are helping drive sales, in addition to a large inventory.