Short sales and foreclosures reach new low in central Ohio
Central Ohio saw the lowest number of closed short sales and foreclosures
in the fourth quarter in 2014. There were 955 lender mediated closed sales during the 4Q-2014 in central Ohio, which was 33.7 percent fewer than the 1,440 distressed homes sold during the same period in 2013.
Distressed inventory in central Ohio is also on the decline. In the 4th quarter, distressed inventory made up 12.8 percent of the inventory, which is down nearly 50 percent from the previous year according to the 4Q-2014 Lender-Mediated Properties report from Columbus REALTORS®.
“The central Ohio housing market has come a very long way from nearly half of homes sold being distressed back in 2011,” said Kathy Shiflet, 2015 President of Columbus REALTORS®. “Now in the 4th quarter of this year, only one in every six homes sold were distressed. This is a significant and incredibly positive improvement for our housing market.”
A “lender-mediated” property is one that is listed as a bank-owned/REO, HUD, short sale, VA, or foreclosure.
The number of lender-mediated added to the market during the fourth quarter fell 17.9 percent, accounting for just over 19.3 percent of all new listings.
“In addition to a notable decrease from the previous year, the number of short sales and foreclosures on the market in central Ohio has been trending down for the last three years,” Shiflet said. “This decline tends to suggest that the surplus of distressed properties has been absorbed by the market. And fortunately this also means that property values will not be as negatively affected. “
4Q-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, visitwww.ColumbusRealtors.com/stats
To view commercial properties for sale or lease in central Ohio, visitwww.COCIE.org
To view residential properties for sale, visitwww.Realtor.com