Growing Number of Ohio Bank Foreclosures: When will it stop?

As the data for May was released, Ohio officials and residents can not help but feel disappointed. There were 4,133 new defaults, 4,096 homes for auction and 4,985 Ohio foreclosures. Overall, the state recorded an amazing 13, 214 foreclosure filings and remained at the fifth spot behind Florida. Many experts are speculating when the foreclosures condition will turn in favor of sellers. Right now, buyers of Ohio bank foreclosures are obviously enjoying the wide selection of housing units that include condominiums, town houses, and single and multi-family structures. Of course, it would not be a buyer's market without the affordable foreclosure homes prices. In Dayton, market trend shows an increasing trend as buyers flock to the city because of good economic outlook. For a state that is considered to have one of the highest foreclosures rate, the market condition is not that bad. Sellers, on the other hand, are hoping that the large inventory of bank foreclosures in Ohio will not affect their asking prices. To date, they still enjoy up to 90 percent of their asking prices. Although average home prices have decreased by as much as 10 percent compared to last year, properties only stay in the market for as long as 90 days. In addition to these, lenders are being encouraged by state officials to work with homeowners who are having trouble keeping up with their mortgage payments. The same officials are also working very hard to make sure that the current foreclosures dilemma will not be experienced again in the future, by passing borrower-friendly bills and stricter underwriting guidelines for lenders. If you are looking for more information about these homes, bank foreclosures expert like Foreclosure Deals can provide professional assistance to both buyers and sellers.