The Housing Market Today in Southeast Columbus, Ohio

The house next door sits empty, a testament to the downfall of the housing market here in Columbus, Ohio. The couple who once occupied the house were older, the husband sick with a multitude of health problems that led to a downturn in their credit situation. The couple signed the papers on the promise of a low rate that allowed them to qualify for their dream house, a house that now sits empty while the bankruptcy proceedings continue.

The same story told repeatedly throughout my neighborhood, a neighborhood that fits the stereotypical "All-American" description, with tract housing and children playing in the streets. The demographics are diverse, young, and old come together to make this a quiet and serene place to live. Still, one need only look at the sheer number of houses for sale or rent to realize how bad the housing market truly is. There are twelve houses for sale, and four that are listed "For Rent", with another two that banks own; including the one next door to mine.

What led to this downward spiral where people of all races and backgrounds are now losing their homes at a record pace? In simple terms: Banks who promised more house for lower rates and buyers who did not read the fine print where it stated that the rates would adjust accordingly. The blame rests upon many factors, but the deciding factor is a slew of bad choices made during an economic boom that many thought would last forever.

The neighborhood today is not the same neighborhood we moved into almost two years ago, the one with lawns that could win awards or houses that appeared to be straight out of a magazine layout. Today I see houses in disrepair and lawns that are brown from the elements of nature. I see people struggling to make ends meet and save the homes they love. I see streets once full of children now empty and bare, a pond that has become nothing more than sludge filled place of decay and a field area over grown with weeds.