We™ve all heard the doom and gloom reports on the Real Estate Market and the increased number of foreclosures resulting from the subprime mortgage crisis. Well here are some real numbers and statistics representing what™s happening here in Columbus and Central Ohio, courtesy of the Columbus Dispatch:
In the eight-county Central Ohio area (Delaware, Fairfield, Franklin, Madison, Morrow, Licking, Pickaway and Union counties) 8,485 homes went into foreclosure in the first six months of 2007. These numbers are up from 2005 which saw approximately 6000 foreclosures, and will likely be up from 2006 which saw more than 10,000 homes lost to foreclosure.
The biggest percentage jump in foreclosures occurred in Union County (175 through June 2007 compared to 80 for 2006).
Not surprisingly Delaware county, one of the nations fastest growing counties has also seen a spike in foreclosures. Delaware county experienced a 34 percent increase this year to 368 foreclosures, from 275 in 2006.
Foreclosures are occuring in all areas and all price points, even high-priced communities such as New Albany which has seen 100 foreclosures since 2005.
Seven of the 10 worst-hit Zip codes are found south of downtown and contiguous to one another, running from the Hilltop/Franklinton area on the west, down to Grove City, east through the German Village area and over to Reynoldsburg.
The hardest hit area is 43207, which includes the Obetz area. Obetz owners are hopeful that the bustling business growth in and surrounding the nearby Rickenbacker Airport will stimulate home buying and increase home values.
Within the city limits, the Linden area is struggling, with the zip code 43211 portion of the Linden area winning the number 1 spot in the Top 10 list.
While these elevated foreclosure rates are having a negative impact on housing values, these effects will be short lived as they are the result of the banks competitively pricing these properties in an effort to unload them as quickly as possible. The problem is inventory levels are already at historic highs due largely in part to developers overestimating the demand for housing in our city. As such a surplus of housing currently exists with both the builders and banks competing for buyers which in turn is resulting in some of the best deals on housing ever offered. In this market it is not uncommon for the banks to let a property go for thousands below market value! And again these opportunities are available in every price range, from $100,000 homes up to $1,000,000 plus estates!
Quite simply, there has never been a better time to buy a home… Period. Interested in learning about some of these opportunities and finding out what’s available in your price range and just how much you could save¦ call or email us for a list of opportunities(homes)… you won™t regret it.