Foreclosure sales helping the local housing market

"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.

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