Nearly one out of every seven home sales in metro Toledo involves a property that is in the foreclosure process, a sign that the local housing market has not fully moved from an investor-driven market to one that is mainly driven by traditional buyers.
With a July rate of 15.2. percent of sales involving foreclosure, metro Toledo ranked fifth nationally out of 172 metro areas analyzed for share of sales of properties in foreclosure, according to figures released by RealtyTrac Inc.
The figure was up from 14.1 percent in June and from 11.6 percent in July, 2014.
The statewide rate for in-foreclosure sales was 9 percent, while the national rate was 6.6 percent. The highest rate nationwide was 23.6 percent in Salisbury, N.C.
Other in-foreclosure sales rates in Ohio included: Dayton, 11.6 percent; Akron, 11.6 percent; Cincinnati, 11.3 percent; Youngstown, 9 percent; Columbus, 8.9 percent, and Cleveland, 5.7 percent.
In analyzing home sales where the buyer paid all in cash — another indicator of an investment market vs. a traditional market — the July rate in metro Toledo was 27.8 percent, ranking 84th out of 200 markets.
The Toledo area figure was up from 27.1 percent in June, but down from 30.8 percent a year earlier. The Ohio rate for all cash sales was 22.4 percent, while the nationwide rate was 22.6 percent.
All-cash sales in other Ohio metros were: Youngstown, 35.8 percent; Dayton, 25.3 percent; Akron, 24 percent; Cincinnati, 23.3 percent; Columbus, 17.5 percent, and Cleveland, 11.6 percent.
RealtyTrac also evaluated the sale of 255 properties in metro Toledo in July and found that their average market value at the time of the sale was $98,639. But the average sales price was $91,019, indicating that Toledo area sellers were only recouping 92 percent of the value of the homes sold.
The U.S. average was 99 percent.