The number of foreclosures for sale in Columbus and the levels of foreclosure-related filings in various areas of the state have dipped during the January-March 2011 period. The same trend is being seen nationwide as overall foreclosure figures in the U.S. recorded a decline over the same period. For the state of Ohio, a total of 24,697 residential properties received at least a filing during the initial quarter of 2011.

The total includes bank and VA homes for sale in OH, default notices, properties up for auction and properties repossessed by lenders. It also represents a 26% decline compared with the January-March 2010 period and a 23% drop from the previous October-December 2010 quarter. Despite the lower number of foreclosure-related filings, Ohio remains one of the 10 U.S. states with the highest number of foreclosures. For the whole U.S., foreclosure filings also fell during the first quarter when compared with one year ago and when compared with the previous three-month period.

Foreclosure crisis statistics for the whole country showed that over 681,000 properties received a filing during the three-month period. The total represents a 27% decrease when compared with the 2010 first quarter. It was also the lowest level of foreclosure activity seen in the country in three years. However, analysts have warned that the huge decreases in foreclosure numbers should not be construed as signs that the housing industry is already recovering.

According to them, the decline in the number of repossessed and foreclosed properties for sale is only temporary. They explained that the fewer number of foreclosures is a result of the slower processing of distressed properties by lenders. Right now, analysts claimed that banks are facing huge foreclosure backlogs as majority of cases were halted during the height of the documentation and robo-signing controversy that started in the fourth quarter of last year.

Analysts further added that foreclosure crisis statistics will climb again in the latter part of 2011 as lenders get through their backlogs. They further revealed that the U.S. housing market is up for another difficult year as the shadow inventory is expected to contribute to the rise in the number of distressed homes in the market in the coming months.

Being the capital city of Ohio, Columbus presents great benefits for home investors. It is one of the cleanest cities of America with a lot of recreational facilities that makes life more exciting in the city. The hike in the prices of real estate properties have in a way contributed for the growth in the foreclosures sale. Being old properties, foreclosures are generally sold at half the market value. But no more foreclosed properties are mere old undesirable homes. Nowadays even luxurious condominiums come for sale as foreclosures. Thus along with the home one gets lot of facilities like car parking, parks, etc. Also as these are ready-made homes, one is relieved of the miscellaneous expenses such as setting up of water tanks, electrical fittings, etc. These properties provide the buyer with instant equity and they can be immediately accommodated.

Foreclosures can be bought at auctions. While properties such as the HUD homes, bankruptcy homes for sale come for public auction, some foreclosures can be bought from a money lender or even directly from the owner. Foreclosures are distressed properties and hence one has to be careful while making an investment through the foreclosures. A personal inspection and thorough investigation of the property before going for the auction will help. One can know about the foreclosure laws through the online resources or hire an attorney for verification of the papers. If only the title is clear, go for the property. Another time saving alternative is buying the government and bank foreclosures. Homes such as repo homes, REOs, HUD homes, bankruptcy homes for sale come in the bank and government auctions and these are cheaper as well as secure investments.

All these foreclosures find listing in the county office. These also come as ads in the classifieds. The best source is the online websites. The real estate websites which serve online provide a reliable, comprehensive and updated list of foreclosures available along with its cost, features, location, etc. thus one can locate Columbus foreclosure homes with great ease.

Foreclosures are properties seized by the banks or money lenders from a defaulting loan borrower. Since the aim of the lender is to get back the invested money quickly, the value of the property is not considered and mostly it is sold at half the market price.

What are the factors to be considered while buying foreclosure home? One of the important factors is the location. Buy a home in the prime area where hospital and school facilities are important for those buying homes for a permanent residence. The distance to your workplace, the markets, etc all these matter. You can find foreclosed homes in any prime area by entering the zip code of the area in the real estate websites. Another factor is your specifications. The realtor websites list even the number of rooms in a foreclosure along with a picture of the home. So finding the home meeting your requirements is not a tough job. Cost is another big factor. Cost and your needs go together. If you are a looking for a second home probably your budget will be low. For those buying condo foreclosures the cost may be relatively high. It is important to check the living conditions and the security of the home. Make a visit to the place and analyze the internal and external features of the home. See if water and electricity facilities are proper. Hire an attorney and verify the documents of the home. Check if the title is clear.

The cheap prices of foreclosure homes make it affordable for anyone. Buying a home after bankruptcy might be an impossible wish but foreclosures can fulfill them. A foreclosure auction is the right platform for bargain shoppers. So one can negotiate for smaller down payments and can use the money they saved in the two years after bankruptcy discharge. Thus even buying a home after bankruptcy is every inch possible through the Columbus foreclosure listings.

The task force is responsible for monitoring the number of abandoned properties in Summit County. The group will also identify policies and programs that could lead to reducing the number of abandoned properties.

County officials have unveiled an initiative designed to improve and stabilize neighborhoods by purchasing foreclosed and abandoned properties. The county will use the $3.7 million federal grant provided under the 2008 Housing and Economic Recovery Act to finance the initiative.

Under the initiative, the county will buy abandoned houses, rehabilitate and resell them. Or it could demolish the abandoned properties and use the land for other development.

County officials have identified 25 neighborhoods hardest hit by foreclosures, 15 in Barbeton and 6 in Springfield Township. Meanwhile, the remaining four are located in the neighborhoods of Copley Township, Norton, Twinsburg Township and Lakemore.

Akron city, which is set to receive about $8.5 million grant, is not part of the county program.

Members of the task force include about 15 officials from the private and public sector. The group will study the market problem for 6 months and will then issue a report containing recommendations to address the crisis.

Ohio foreclosures are growing overtime. Data from Policy Matters Ohio showed that six properties per 1,000 people were put on the market in 2007.

Greater Ohio co-director Gene Krebs said that one major hindrance to understanding the extent of the Ohio foreclosure problem is the difficulty of determining the number of abandoned properties in the area.

A Rebuild Ohio-commissioned study estimated that over 25,000 abandoned properties in Columbus, Cleveland, Ironton, Dayton, Springfield, Toledo, Zanesville and Lima cost these communities about $63 million in tax revenue and services.

Foreclosure homes in Ohio have increased in number over the past years due to the problems created by the subprime mortgage industry. As home owners tried to manage the increase in mortgage payments when the interest rates on their ARMs started resetting, the market saw thousands of properties repossessed by the lenders. Nationwide, there were over one million foreclosure filings recorded last year. Experts even believe that this year might see a 100 percent increase.

The thousands of Ohio foreclosure homes mean only one thing sellers who are anxious to reduce their inventories and minimize holding costs. In fact, these sellers work hand in hand with foreclosure brokers like E-Foreclosure Search in order to receive multiple offers although profit is least on their minds.

With all these indications, retires should really consider one of these foreclosure properties as their retirement home. They could spend the remaining days of their lives in comfort and at the same time, still have enough money to enjoy other things such as vacations. They can also enlist the services of these foreclosure brokers and utilize their foreclosure listings to help them find the best foreclosure that will please them immensely.

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