Economists have always associated potential improvements in housing with the job market so it is not surprising that the latest drop in the unemployment level of Ohio has given housing analysts some hope that home foreclosure auctions and non-foreclosed home selling markets in the state will soon gain more buyers. The unemployment rate of the region dipped below 9% in March.
Despite the cheap prices of properties offered at Solon home auctions and at other residential auctions in various parts of the state, not a lot of buyers are taking advantage. Analysts stated that most residents are still worried about the condition of the housing market, while others do not have the means to purchase since a big number of state residents have suffered from job losses.
However, hope that more buyers will be trekking to Ohio home auctions this coming months has emerged following reports that the region's unemployment rate as of March declined by 0.3% to rest at 8.9%. This rate was the lowest in over two years. Data from the Ohio Department of Job and Family Services showed that the last time Ohio's unemployment level has gone below 9% was during the first month of 2009. As of March 2011, an estimated 542,000 residents are said to be out of job; around 16,000 fewer than the previous month.
According to statewide figures, March was the 13th month in a row that the jobless rate of the region has declined since February of last year when the level of unemployment reached its peak at 10.6%. That year, home foreclosure auctions also posted some of their highest totals since the start of the foreclosure crisis.
Although bank owned condos and foreclosed houses are still expected to rise further this year, most economists are encouraged by the dwindling number of unemployed in the state. According to labor market reports, the increase in employment was buoyed by a strong showing from the manufacturing industry which added 7,000 jobs in March. During the past year, the manufacturing sector has added around 14,000 jobs, accounting for a large percentage of the 65,700 positions added by Ohio in the past 12 months.
Housing industry analysts are hoping that the stabilizing economy and the increasing number of jobs in the area will help push more buyers into purchasing properties at home foreclosure auctions. According to them, any type of real estate sale will benefit the market greatly and help it get back on its feet faster.
Home Foreclosure Auctions Set to Benefit from Unemployment Decline is a post from: Foreclosure Homes Investing