Report: Columbus, Springfield Home Prices Show Slight Rise
A new look at Ohio's housing market shows slight price increases only in Columbus and Springfield during the first half of 2012. Researcher and former Director of the Congressional Budget Office, Douglas Holtz-Eakin, says Ohio's housing bust in the last five years was caused mostly by job losses and declines in household income. "Ohio never had the housing boom, so it didn't get the high prices, the bubble and then a crash. Instead, it had an economy that underperformed, which lead to the inability of its residents to make payments on their homes." Says Douglas Holtz-Eakin. In research released Monday,Â The non-profit, non-partisan group, American Action Forum, says it will take years for housing indicators to reach pre-recession levels. Ohio's jobless rate has declined recently to 7-point 2 percent but total employment remains 244,000 jobs lower than when the recession began in December of 2007.