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.

I count my blessings that my husband and I rent; we are the lucky ones who realized the low-interest rates were too good to be true. We walked away from buying a home a couple of years ago, the best decision we have ever made. No, we do not receive the benefits a homeowner receives, but we also do not have to worry about losing our home to foreclosure. Still, we watch as our neighbors disappear during the night, taking all they can and leaving some things behind. We watch our once beautiful neighborhood decay before our eyes and we now see the effects of a housing market that went from good to bad overnight.

Neighbors are not the only ones affected by this market; the market also affected my mom. She lost her home of ten years because of predatory lending, and now she is facing a future that leads down the path towards bankruptcy.

Is she to blame? In part yes, but she was not a subprime borrower, instead she fell victim to a scam that left her with a house she owed to much on and no way to sell it. Is it fair to place the blame solely upon her shoulders? No, the blame should be dispersed amongst all those involved; just like the blame for the housing situation lies with many people and many institutions.

The picture perfect neighborhood that I once loved no longer exists; today the empty houses lend proof to the fallen housing market. The cavalcade of moving trucks and the solemn air that fills the once lively streets shows further evidence of the divide among rich, poor, good and bad credit.

Can we as a society fix the housing market, or should we just deny anyone with less than stellar credit the chance at owning a home? I hope not. I hope that we as a society can find a way to fix the housing market and to make lending fair for all in order to give every citizen a chance to own a home of their own.