Columbus – Franklin County, Ohio: housing, foreclosures, jobs, and politics – are we better off now as compared to 2008?
RealtyTrac has published some very interesting data related to the current real estate market, foreclosures, and unemployment in Franklin County. This includes the cities of Bexley, Canal Winchester, Columbus, Dublin, Gahanna, Grandview Heights, Grove City, Groveport, Hilliard, New Albany, Pickerington, Reynoldsburg, Upper Arlington, Westerville, Whitehall, and Worthington. RealtyTrac has various maps which show political data for each county (when available), as well as real estate, foreclosure, and unemployment statistics within that county. The results for Franklin County, Ohio, are below.
Presidential politics, 2008 vs. now. In 2008, approximately 59% of Franklin County voters who voted supported President Obama and cast their votes for him. It is considered a certainty that a majority of voters who cast ballots this November 6 in Franklin County will do so in support of President Obama.
Foreclosure “starts”, 2008 vs. now. In 2008, approximately 4,412 properties in Franklin County fell into a foreclosure status. Of course, this would generally reflect that those properties began to become distressed in early 2008 or earlier. The number of foreclosure starts in 2012 is approximately 4,731.
Average home sale price, 2008 vs. now. In 2008, the average home sale price in Franklin County was approximately $160,522. This year it has been approximately $173,463.
Percentage of residential real estate sales involving distressed properties, 2008 vs. now. For purposes of this statistic, distressed sales are considered to be properties which are in some stage of foreclosure or are owned by the bank / mortgage loan lender. In 2008, distressed sales represented 24.96% of all residential real estate sales in Franklin County. By comparison, in 2012, those types of sales represent 19.58% of the total residential real estate sales in Franklin County, Ohio. This is a decrease of 21.6%.
Unemployment rates in Franklin County, 2008 vs. now. In 2008, the unemployment rate in Franklin County was 5.9%. Unfortunately, it is now 6.5%. This is an increase of 10.1%.
Regardless of whom our next President is, we very much hope that the statistics contained herein improve as we get further into the next Presidential term.
McGrath & Spielberger, PLLC provides assistance to those involved in mortgage disputes, including borrowers in need of mortgage relief services such as mortgage loan modification, foreclosure negotiation, refinancing, and deed-in-lieu or other negotiated settlement resolutions.
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