Forclosure Filings from 2008 to 2009
Delaware County (north of Columbus) - 909 to 1003, up 10.3%
Fairfield County (southeast of Columbus) – 964 to 1019, up 5.7%
Franklin County (Columbus) – 9,305 to 9,499, up 2.1%
Licking County (northeast of Columbus) 1,204 to 1,178, down 2.2%

The bottom line is without new jobs this situation will continue in 2010 resulting in continuing downward pressure on resale values. Just with these four counties the total for 2009 was 12,699 new foreclosure filings.  Compare that number to 2005 which was 8,561!  Just the extra 4,138 foreclosure filings will depress resales…

I spoke at a meeting of the New Albany School Board in 2008 and advised them that this down market would continue at least into the Spring of 2011 and if Congress tinkers with things (which they have) it could delay the recover.  Just remember – housing doesn’t drive the economy.  It’s a barometer of jobs!

If mortgage money was that tight or if investor’s found it soooooo undesireable then we’d have interest rates that would have skyrocketed!  Instead of 6% they would be at 16% on a 30 year fixed rate mortgage!

But here’s a news flash – rates continue to hover right around the 6% mark which is what it’s been percolating at for many months.  And you must keep things in historical perspective…

In 1983 I got married and we bought our first home using an Ohio First Time Buyer mortgage at a great rate of 9.98%.  Yes, that’s right – basically 10%!!!  Why was I happy?  Because regular rates were about 12 and 1/2%.  So a hair under 10% was a great “deal” at the time.

Bottom line – as a home buyer this is absolutely the best time to buy since the mid 1970’s.  The market has too many sellers and not enough buyers creating a “buyer’s market” and interest rates are still great (gad, I hate sounding like a Realtor!)  We are getting absolutely STUNNING DEALS for buyers…

Perspective people!