Cincinnati bank foreclosures, Ohio – Increase in Foreclosure Filings

by Simon Lindsay on cities

A 9% increase in foreclosure filings from June to July of 2007 has led to Cincinnati bank foreclosures. There are more foreclosure homes in Ohio as compared to some of it’s neighboring states like Indiana. According to a market report, the surge is said to be for 93%, which is much higher than that of last year around the same time.

There has been a tremendous increase in the activity around Ohio bank foreclosures. Ohio recorded the sixth-highest rate of foreclosure in the country with one filing per 376 households. The state of Ohio reported a total of 13,316 filings by July, which is an increase of almost 12% percent from June of 2006 and an incredible 143% increase since July 2006. As a result there are more Cincinnati bank foreclosures available for people to invest in.

You can find these homes through detailed foreclosure listings, which are normally available with banks and other lending institutions but these lists may not be updated on a regular basis. So if you want the best then you can try a membership offer with online real estate companies who offer an updated and comprehensive foreclosure homes listings.

The filings for foreclosure are normally initiated by the lender. This happens only when the homeowner defaults on the home loan or mortgage and is also unable to pay back any amount of the loan in the pre-foreclosure period. The foreclosure filings can be pursued through judicial proceedings or through out of court settlements.

Either ways, you can take advantage of this situation and make a sound investment in bank foreclosures in Cincinnati. You can fin different types of homes from condos to villas and from single family homes to one-bedroom flats. But before you bid make sure that you have the financial resources to back you once you win the bid.