Buying home foreclosures for sale in Ohio is among viable investment options for investors and for people wanting to settle down in Ohio.
Home prices are still affordable in many parts of the state as foreclosure inventories are still high despite declines in 2009 and in January this year.
Last year, home prices in Ohio dropped by almost six percent, putting hopes of price appreciation in the first months of 2010 doubtful.
In 2009, despite more than 10 percent of year-over-year decline in foreclosure activity, the total number of households in foreclosure was still relatively high. The statewide foreclosure rate of 2.01 percent of all households or 101,614 residential units put Ohio 12th among the most foreclosure-clobbered states.
In January this year, foreclosure activity in Ohio also slowed down and the state foreclosure ranking moved down to 14th. Nevertheless, the total foreclosure postings of 11,105 were still high.
With more than 3,300 of these already in bank owned real estate listings, home buyers and investors have good opportunities in buying home foreclosures for sale in Ohio, in addition to those already repossessed but not yet sold in 2009.
According to officials of the Ohio Department of Job and Family Services, joblessness and income reduction have been causing a large percentage of foreclosures statewide. The jobless rate in Ohio stayed at its high level of 10.8 percent in January, the same rate as its rate in December 2009.
In January, a total of 641,000 people in Ohio were unemployed, an increase from the 638,000 unemployed persons in December 2009. Over the past year, the number of jobless persons rose from 126,000 in January 2009 to 515,000 in January 2010. During the first month of 2009, the jobless rate was only 8.6 percent.
While the nationwide jobless rate in January dropped to 9.7 percent from the December rate of 10 percent, the Ohio joblessness rate did not move from its relatively high level.
In Erie County, the jobless rate was even higher in December at 12.4 percent. Similarly, the counties of Ottawa and Huron posted record rates.
According to Sandusky lawyers Dan McGookey and Amanda Aquino, many troubled homeowners are not irresponsible borrowers. They said these borrowers lost their jobs or had family members who needed costly hospitalization.
Just like in many other states, however, as families lose homes, other families gain by buying home foreclosures for sale at lower costs.
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