Nearly 55% of Hamilton County OH Foreclosures are in Shadow Inventory
11/30/2010

RealtyStore determined that 534 foreclosures recorded for Hamilton County OH are listed available for re-sale to the public. An additional 645 foreclosures are not yet listed for re-sale and are considered the standing “shadow inventory” for Hamilton County and greater Cincinnati's housing market.

Online PR News – 30-November-2010 – – Santa Barbara, CA ---- November 30, 2010 --- RealtyStore (realtystore.com) the nation’s premier provider of local residential foreclosure listings, announces its Hamilton County Foreclosures Review reveals 1,179 recorded local foreclosures, or REOs. Of the total, RealtyStore determined that 534 are listed available for re-sale to the public. The remaining 645 foreclosures are not yet listed for re-sale and are considered standing “shadow inventory”.

“Foreclosures available for purchase comprise over 5% of the 9,424 homes currently up for sale in Hamilton County,” said Peter Ranck, Vice President at RealtyStore. “However, it should be noted these active re-sale foreclosures represent only 45% of the foreclosed homes recorded for the county. The other 55% of foreclosed homes are not yet on the market and remain in Hamilton County’s shadow inventory of repossessed homes.”

Standing shadow inventory includes the foreclosed homes that banks hold title on, but are not actively marketing for re-sale to the public. By remaining off the market, this inventory does not increase the number of local homes for sale, causing the inventory of homes for sale to remain artificially low. This in turn can influence home prices.

RealtyStore also compiled foreclosure pricing and found the average foreclosure list price in Hamilton County is $71,305, which is 65% below Ohio’s overall average home price of $201,920. “While home specifications and pricing will vary across the state, foreclosures presently offer, on average, an attractive financial opportunity for home buyers in Hamilton County and greater Cincinnati,” said Peter Ranck.

While foreclosure prices are generally below the market average, it remains to be seen how and when the impact of shadow inventory could affect prices in the future.

“It appears banks continue to carefully manage and slowly bring their foreclosure holdings to the local market,” said Mike Vazquez, Realtor with ERA Real Solutions Realty of Cincinnati (www.isellcincinnati.com). “Although they are waiting on the sidelines, we do not expect to see a large number of shadow REOs hit the market all at once, so prices are not expected to drop significantly in the near term. However, we are finding that sellers need to consider the broader availability of discount homes, like foreclosures, and adjust their pricing strategy and expectations accordingly.”

About RealtyStore:
RealtyStore (realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010). For more information, visit www.realtystore.com/about target="_blank" class="highlight_link">http://www.realtystore.com/about>

Media Contact:
Dara Peterson
RealtyStore
805-214-6968
DaraP@RealtyStore.com

Reporting methodology
The RealtyStore County Foreclosures Review provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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