Ohio Foreclosures Continue but Can Be a Buying Opportunity
Ohio Foreclosures have been a significant problem for real estate markets during the current economic downturn. Particularly hard hit areas by the economy have been older manufacturing town; these places have had problems recovering from the recession. Statewide unemployment rates, while peaking in late 2009, are somewhat higher than common nationwide unemployment rates. However, lately, the unemployment rate in Ohio has decreased.
Ohio is the seventh most populous state and is within a one-day drive to over 50% of the US population and over 70% of the country’s manufacturing bases. Within range of an extensive transportation network, Ohio is in close proximity to an ample amount of resources. In fact, it is located at the crossroads of the eastern US and the Midwest.
Some Ohio cities have seen an increase in the price of foreclosed homes over the last month, including:
* The prices of Grove City foreclosures have risen by 17.03%. There are currently 451 foreclosed homes on the market and the average price for listed homes in Grove City is $134,000. The unemployment rate in Franklin County has not been as severe, which explains the high price of Grove City foreclosures.
A larger number of cities in Ohio have seen some significant price decreases over the last month for foreclosed homes, including the following:
* The price of Euclid foreclosures fell by 24.42%. There are 524 foreclosed homes available with an average listed price of $32,000.
* The price of Lorain foreclosures fell by 3.63%. There are currently 522 foreclosed homes available at an average price of $48,000.
* The price of Reynoldsburg foreclosures fell by 6.22%. There are 378 foreclosed homes available now on the market and the average listed sale price for homes in Reynoldsburg is $124,000.
* The price of Akron foreclosures fell by 10.16%. There are over 2,000 foreclosed homes in the market from these areas. The average price for Akron foreclosures is $43,000.
Besides great foreclosure homes prices, Ohio is also known for its outstanding institutions of higher education. There are thirteen state-supported universities including Ohio State University, forty-six private colleges and universities, and six medical schools.
Two of the private schools are ranked within the top forty institutions in the US: Case Western in Cleveland and Oberlin College. Oberlin, founded in 1833, was the first US institution to regularly admit women and African-American students.
Ohio also has a variety of professional and college sports teams, including NFL, MLB, NBA, and NHL teams scattered around the state.
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