Only 46 Columbus HUD Homes are available in Central Ohio. This is an all time low for this year. It appears that the number of HUD homes listing has slowly decreased from around 110 at the beginning of this year to less than half of that number now. In the graphic below you can see the dramatic drop of HUD Listings since the beginning of 2009.
What’s the reason for this dramatic drop?
It can’t be the number of HUD homes that should hit the market. Based on our information HUD should have a backlog of hundreds Columbus houses.
It also can’t be the number of buyers. Newer homes are selling very well and I am sure that Columbus could handle a higher inventory of HUD homes without a significant reduction of the final purchase price.
I believe the following 3 reasons contribute significantly to the low number of HUD listings:
- HUD is trying to keep their cost at a minimum, which means they just can’t inspect and appraise homes fast enough to bring them to market.
- The number of properties falling out of contract is very large. More than half of all available HUD homes are relists, which means they have been in contract before, but did not close for one reason or another.
- FHA financing for HUD homes has become very difficult. Lenders are scrutinizing HUD’s FHA appraisals and refuse to write loans even if small repairs are needed.
Listing Statistics
Total homes available: 46 (last week: 56)
Owner occupants: 33
All bidders: 13
New listings: 8
Relisted/Price reduced: 25
Median Price: $74,000 (last week: $66,500)
Average Price: $80,415 (last week: $75,395)
Highest Price: $196,000
Lowest Price: $9,600
Homes less than $50,001: 15 (last week: 19)
Between $50,001 & $100,000: 17 (last week: 25)
More than $100,000: 14 (last week: 12)
Call me TODAY at 975-9650 to see one of the remaining HUD Home this weekend!
Thanks for reading our Columbus HUD Homes Blog
Posted by: Susanne Novak, ABR, FIS, GRI
Columbus Realtors specializing in
HUD Homes, Shortsales, Investment Real Estate
(614) 975-9650
