Cincinnati Bank Foreclosures

To understand Cincinnati bank foreclosures a little bit of homework is required about the place, the nature of the housing crisis that has led to Cincinnati bank foreclosures and the steps being taken to contain the menace. Also one need to know how Cincinnati will respond to the crisis based on the city’s economic strength and will.

Cincinnati City is in Ohio State and is located in Hamilton County. It hugs the Ohio River on its border with Kentucky. It is the third largest city in the sate. Cincinnati has the historical distinction of being the first boomtown in the core region of the county. Many say this is the first purely American city rivaling the coastal cities with its own wealth and size.

Analyzing Cincinnati bank foreclosures many experts will hunt for the demographic break up because there is a strong opinion that the Blacks and Hispanics were discriminated against. In Cincinnati 50% are non-Hispanic Whites and Blacks make up 49% of the population.

Cincinnati hosts some of the major companies and banks making it an economically rich region.

Cincinnati bank foreclosures have been relatively low among the Ohio cities most probably due to its insular position and it not being exposed to the full blast of the housing boom. But the numbers in 2009 show that bank foreclosures are having a negative effect in pushing down prices. It went down by over 17% in the first quarter of 2009 – thanks to the surfeit of Cincinnati bank foreclosures. Cincinnati bank foreclosures are now being sold with huge discounts as is happening elsewhere across the country. The median sale price fell in the first quarter of 2009 by 17.1% to $106,500 in Greater Cincinnati and Northern Kentucky as compared to the first quarter of 2008 according to the findings of National Association of Realtors. The median sale price is calculated to be the point at which half the houses are sold for more and half the houses sold for less.

The median sale price across the nation for a single family unit fell to $169,000 – a decrease of 13.8% from the first three months of 2008. Sales fell by 3.2% overall from what it was one year previously.

David Resler of Nomura Securities said that although many are thinking that the bottom has been reached but in reality it is not so yet. He thinks this summer the prices could reach the nadir but the edging upwards will take a lot of time. Meanwhile it will stay stable at that bottom level.

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