According to RealtyTrac, Cincinnati ranked fifth nationally in December when it came to the cities with the highest percentages of institutional investor purchases. These real estate investors are known as flippers and they buy lots of bank-owned foreclosed properties.
Read the report here.
Here are the top cities with the percentage of institutional investor purchases:
- Jacksonville, FL-38.7%
- Knoxville, TN-31.9%
- Atlanta, GA-25.2%
- Cape Coral-Ft. Myers, FL-24.9%
- Cincinnati, OH-19.3%
The RealtyTrac report says for all of 2013, institutional investor purchases accounted for 7.3% of all U.S. residential property purchases, up from 5.8% in 2012 and 5.1% in 2011.
Bank Owned Properties
Ohio ranked third on the list of states with the highest percentage for residential sales of bank owned properties. RealtyTrac reported in its 2013 year end Report that 17.8 percent of all residential sales in Ohio during December 2013 were sales of previously foreclosed homes.
Ohio's rate of sale for bank owned properties is higher than the national average at 9.3 percent, or more than 436,000 bank owned properties sold in 2013. The national average is up from 9.1 percent in 2012 and from 8.7 percent in 2011.
Ohioans purchased 183,936 residential properties in December 2013. The average sales price for a residential purchase was $100,000. This average is below the national average of $168,391.