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Local official doesn't feel banks keeping foreclosed homes off market

Scott Seitz2 • Feb 27, 2013 at 12:07 PM

Northwest Ohio's housing market reawakening is similar to a national revival in the housing market after a nationwide decline that started in 2007.

In 2012 sales nationally reached 4.65 million, the best year since 2007 when sales hit 5.03 million.

"The main reason is the tightening of the inventory," said Walter Molony, a spokesman for the National Association of Realtors. "We now have the tightest supply since May 2005."

Like the trend nationwide, tighter inventory is fueling the resurgence of the northwest Ohio markets.

One local official doesn't believe banks and mortgage companies are keeping the majority of foreclosed homes off the market to avoid a price collapse.

A story about this subject, including comments about how local residents feel about the postal service, was published recently in the Reflector. So you don't miss stories such as this one, sign up for home delivery by calling 419-668-3771 or by clicking on this LINK. You also can subscribe to the e-paper for less than $1 per week.

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