Fall in Number of Foreclosures in Butler County

July 28th, 2008

Good news from Butler County! Number of real estate properties sent to sheriff’s sales in June has been reduced by 70% in comparison to last year’s number. According to Butler County Sheriff’s Office spokesman Sgt. Monty Meyer, the number of foreclosure is 106 homes in June 2008 while the number of sold real estate properties was 152 homes in the same period last year.

The number is really hopeful with reference to the whole state. A report by RealtyTrac has shown that Ohio is in the sixth position among the states of the nation with the highest foreclosure filings. The state has experienced a rise of 11% in sheriff’s sales activity in June. 1 in every 382 households has got a foreclosure notice in June this year. Decreased sales number in Butler County would be a signal of good things to come in the local real estate market. This change in the number of foreclosed properties has actually reversed the situation.

John Sawyer of Sawyer Realtor in Middleton has said that in the market, there are “too many houses and not enough buyers”. This situation may help the local real estate market to bounce back. Not only foreclosed properties, but in general, there are many homes available in the market. This fact is putting sales off by 10% to 15%.

The price of foreclosed house is much lesser than a house with an owner, but still, people are not interested in those houses. As foreclosed houses are almost abandoned and not in great condition to live, real buyers don’t opt for them.

The National Association of Realtors is expecting that the foreclosure market may start its process of stabilization by the end of this year. According to The National Association of Realtors, or NAR, figures “show that the foreclosure market is right on target”. Lora Reece, the president of the Greater Hamilton of Realtors is happy with this projection of the NAR. She has said “it’s so nice to hear some positive things about our industry”.

Stephen Wilson, chairman and CEO of LCNB Corp. during a development forum in Lebanon has said that the mortgage lenders are not interested in being part of loose lending practices anymore. That may help to restrict irresponsible borrowers to borrow more than their capacity. A fall in foreclosure sales may be a result of this restriction.

In July 2007, 121 real estate properties were sent to sheriff’s sales and sold. But for July this year, 80 cases have been sent to sheriff’s auctions, according to Mayer.