AGENT MLS HOME FINDER

The Columbus real estate market has been serious enough to cause strong reactions from the state and federal governments. Overall, Columbus’s rate of decline has been largely driven by unexciting figures regarding home sales, home prices, and foreclosures. According to an October 19, 2009 article in the Columbus Dispatch, condo sales in Columbus may potentially slow due to new Federal Housing Administration loans. The piece, written by Jim Weiker, found that “Federal rules set to take effect in two weeks are expected to make it much tougher to buy and a sell a condominium…Condominium associations, along with the National Association of Realtors and the National Association of Home Builders, are seeking to overturn or change the regulations, which are scheduled to take effect Nov. 2.”

There was a recent decline in home sales, a vital part of real estate in Columbus, according to another article by Jim Weiker. This piece, released on September 25, 2009 in the Columbus Dispatch, stated that “Home sales numbers nationally dipped unexpectedly last month after four months of gains, providing evidence that the housing market recovery remains fragile. Sales of Columbus-area homes dropped 8 percent from August 2008, according to the Columbus Board of Realtors. Sales in Ohio were down 14.4 percent, according to the state Realtors association…In central Ohio, the average sales price fell 4 percent to $168,873. Statewide, the average price dropped 9 percent to $128,8440…The story is similar in central Ohio, where 14,554 homes were on the market at the end of August, down 14 percent from a year earlier and more than 26 percent from August 2007.”

Even though the proportion of Columbus real estate driven by Columbus homes for sale has increased recently, the area is not entirely devoid of hope. According to an October 15, 2009 article in Columbus affiliate NBC4i, “The number of homes in foreclosure continues to rise. A new report by the group RealtyTrac shows the foreclosure rate jumped five percent between summer and fall. The report cites rising unemployment is the key factor behind the increase. The latest report indicated Ohio had the nation’s 13th highest foreclosure rate during the third quarter, with 1 out of every 171 households going into foreclosure.”