Market Report: Columbus Saturated with Foreclosures?

by Maureen McCabe on December 12, 2011

Clear Capital’s US quarterly Market Report was published last week.  The big news nationally, prices are flat.   The surprise (to me anyway) is Columbus is saturated with foreclosures?

The “Market Report” titled: “Clear Capital® Reports U.S. Home Prices Flat – Is No News Good News?” but the report says Columbus is saturated with foreclosures.

Columbus made Clear Capital’s  15 Highest Performing Metro Markets. Columbus is number 6 of 15 among  US major markets.

According to Clear Capital  quarter over quarter home sale prices are up 3% in Columbus (through the end of  November 2011) .  If I am reading the table on the Clear Capital market report correctly it is saying year over year Columbus prices are down 4.2%.

The thing that is really surprising on the table for the 15 Highest Performing Metro Markets  is the foreclosure saturation rate for Columbus.  According to Clear Capital, Columbus has a forecloure saturation rate of  34.8%?  Over a third of Columbus homes were foreclosures?  Really?  One out of every three homes is a foreclosure?

The methodology for the report done by Clear Capital for their clients (big banks, investors.)

“Includes both fair market and institutional (real estate owned) transactions, giving equal weight to all market transactions and identifying price tiers at a market specific level. By giving equal weight to all transactions the HDI is truly representative of each unique market.”

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