Kokomo NOT All Foreclosures!
ByThe media and everyone around you would have you believe that almost all the homes for sale in the Kokomo area are foreclosures.
Nothing could be further from the truth!
Right now, 86% of the houses for sale in the area are not foreclosures! That means foreclosures are only 14% of all the homes offered for sale in Howard County.
If you’ve been following Market Watch, you know there has been very little if any change in the percentage of foreclosures for sale month-to-month. You also know many of those foreclosure homes are priced below $30,000.
The chart below gives you an idea of the number of foreclosure homes and non-foreclosure homes on the market in Howard County by price range.
- Column 1 identifies the price range
- Column 2 is the number of foreclosures for sale
- Column 3 is the total number of homes for sale (foreclosure and non-foreclosure)
- Column 4 is the percentage of homes that are foreclosures within the price range
Click chart for larger view.
As you can see in the chart, there are more foreclosures on the market for less than $30,000 than any other price range. And guess what? I get more inquiries about houses for less than $30,000 than in all other price ranges combined! That’s unfortunate because:
- Most people don’t realize that homes in this price range are priced the way they are because of condition, location or a combination of the two. Most of these homes are uninhabitable in their current condition.
- Another thing buyers don’t realize is that most lenders won’t make a loan on homes in this price range. In fact, I’ve only found one lender in the area that will go below $40,000!
At the other end of the spectrum are houses priced over $150,000. Thus far, we’ve seen very few foreclosures priced over $150,000 and most of these (if priced right) go very quickly.
Week-to-week and month-to-month, we’ve seen very little change in the percentage of foreclosure homes vs. non-foreclosure homes for sale. What we do see though is a third or more of all homes sold each month are foreclosures. And a majority of those homes are sold to investors!
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