RealtyTrac: Central Ohio Home Prices May Have Hit Bottom

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Foreclosed home sale prices have increased - slightly - in Ohio. RealtyTrac, which follows market trends, said this could be a sign home prices have finally hit bottom.(Photo: Respres(flickr))
Foreclosed home sale prices have increased - slightly - in Ohio. RealtyTrac, which follows market trends, said this could be a sign home prices have finally hit bottom.(Photo: Respres(flickr))

In a possible sign that Central Ohio home prices have finally hit bottom, sale prices of foreclosed homes are rising – slightly.

Foreclosed home sale prices increased almost seven percent in Columbus during the third quarter of last year. Across the state, foreclosure sale prices jumped nearly four percent.

RealtyTrac vice president Daren Blomquist tracks the numbers.

“The prices have come down so much that finally buyers are moving slowly more into the market and buying these properties…the stronger demand is helping to push the prices slightly up,” Blomquist said.

Blomquist said he’s seeing similar increases in Detroit and Phoenix. But he stressed these are very slight increases.

And prospective buyers searching for a good deal on a foreclosed property, Blomquist said, do have to rush out and buy one tomorrow. He expects the increases in sale prices will be gradual due, in part, to more foreclosed properties hitting the market this year.

“We do have still some of this distressed inventory that’s going to be coming on line and keeping home prices from skyrocketing,” he said.

And while the number of overall home sales is up in Columbus and Ohio, about 13 percent, the number of foreclosed homes sold was down considerably in the third quarter last year. Blomquist said the decrease is from foreclosure processing delays, and he expects to see an increase in foreclosure sales this year.

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