Home sales in Ohio decline as lending requirements stiffen

Consumers in Southwest Ohio are having a tougher time securing the financing they need to purchase a new home, according to data recently released by the Cincinnati Area Board of Realtors.

In year-over-year comparisons, home sales fell 7.3 percent last month to 1,477. Along with a drop in sales, the value of homes is also declining, as the median sales price fell 19 percent last year from the same period in 2010, Cincinnati.com reports.

For the first three months of this year, sales were down 1.65 percent with 3,345 closings compared to the same period last year. The median price from January through March was $104,900 – down 12.2 percent from the same period in 2010.

These figures are reflective of the U.S. housing market as a whole; many consumers are unable to secure a mortgage as a result of stricter lending requirements. While individuals may be suffering from bad credit due to poor credit behavior, others may have a low score because of unfair credit reporting.

With this in mind, prospective homeowners should check their credit reports regularly to look for any questionable or problematic items that may be on their documents. If they find an unfair mark, they may want to contact a credit repair attorney to help them investigate the item and file an official dispute. Taking this approach may help them get the credit fix they need to become a more attractive mortgage applicant.