2007 has seen the maximum filing of foreclosures in the nation with July seeing the filing increase by 9 percent. One of the worst affected states in the foreclosure crisis has been Ohio. Ohio is currently ranked fourth in foreclosure filings in the nation. Ohio foreclosures have been increasing at an alarming rate with more than 12 percent increase in the filings in the month of July with 13,316 foreclosed properties listed in the market. Ohio also ranks sixth in the in the nation when it comes to rate of foreclosure filings.
The hike in the figure of Ohio foreclosures has affected the real estate market of the state. The data till July 2007 saw the Ohio real estate market falling by almost 8%. During this past one year period different counties of the state saw increase in the figure of Ohio foreclosures that created a competition in the real estate market of the state. Many of the titleholders have seen their foreclosed property stay too long for their comfort in the real estate market of Ohio. This longer stay made many titleholders bring their price down and as a result the Ohio real estate market came down.
Initially, experts believed that Ohio real estate market was risky. However, with the rate of Ohio foreclosures continuously falling down, they felt that now it is a situation where clever investors can make the best out of the market. The current values of most Ohio foreclosures are so low in compared to their actual values that the chances of immediate is on the cards. Some investors can make profit from keeping the properties at rent only as the demand of rental units in Ohio is at extreme in the present world. Even there as been investors that have eyed the real estate market of Ohio for Ohio foreclosures in the past couple of months and as a result the market has considerably improved in August and is continuing the trend in September.
According to the information from Ohio real estate market on September 3, 2007, there were 27,620 Ohio foreclosures available in the different counties of the state. The average value was formulated to be around $53,333 with the investors getting a variety of options to choose from.
Ohio real estate market is showing the signs of recovery, yet there is a long way to go. It is the perfect stage for an investor to take advantage of the recovering market through investments in Ohio foreclosures.