...by density of sheriff sales 2005-2009.  Map from the Brookings study Addressing Ohio's Foreclosure Crisis

 

 

 

I guess the suprise here is how this is extending out into suburbia. 

 

 

Columbus has a lot of lower middle/working class suburbs. The southern part of Westerville would seem to be that along with most of the East and SE sides of town. 

Columbus has a lot of lower middle/working class suburbs.

 

If I'm not mistaken, many of those neighborhoods were purposely designed for workers to be in close proximity to factories. Columbus had a lot of factories in the suburbs, near lower/middle class worker housing.

 

 

 

Also, the map might be a little misleading. The number of foreclosures is attributed to sq. miles, not number of homes. The Hilltop alone has 60k people so of course it's going to be dark. The map is biased towards density and overall Columbus' suburbs are fairly dense so that would explain why it extends so well to the suburbs.

It looks like the concentrations are even beyond the beltway...Galloway to the west and Brice to the east...particularly Brice.

 

 

The scary part is that this map barely accounts for the greatest number of housing bust foreclosures - it only goes up to early '08.

It looks like the concentrations are even beyond the beltway...Galloway to the west and Brice to the east...particularly Brice.

 

My mom lived in that Galloway hotspot on the map - just south of Hilliard. Her HOA attempted to sue Dominion Homes for their shinannigans because people were losing money as their home values were dropping. Dominion sold houses to illegal immigrants who can't even comprehend contracts very well. They also had risky, predatory mortgage terms that are perfect for people starting families and chasing the American Dream. For the first few years, you pay a modest mortgage then suddenly it skyrockets. People expect their home value and salary to only go up so they didn't think it was a problem. If all else fails, they could sell or refinance. But hopefully it will be a wakeup call to many people, as quite a few of them also have Hummer 2s, Beemers and Ive even seen a classic Ferrari being polished in a garage of a house worth probably 170k. Walk down the street and you'll see everyone downsizing, selling off all of their suvs and jet skis to try and get by. If you ask me, just from looking at the map, it's the people with 'new money' that are hurting the most and making these mistakes. People who were never instilled with a protestant ethic by their parents. People in Bexley are actually much more wealthy than their houses would leave you to believe. "Old money'' people tend to live in modest housing in well established neighborhoods. Notice how Upper Arlington is untouched. I know a guy that lives in Upper Arlington, has a well established career making great money (he's about 50) but lives in a modest house and drives a really old car. People like that have a lot of financial security. Even at this point, most Americans aren't willing to change their habits and that will have enormous consequences. Ultimately, it may be the death of Capitalism.

 

It's weird to me that right now, after this global economic catastrophe, we're not revisiting topics on morals, delayed gratification, the p!ss poor literacy rate in America, consumerism, etc. I wish Obama and other great leaders would start talking about it.

Honestly, if people change their habits. The country will be even worse than it is now. In the future i can see more modest gains in housing, maybe going up 7k-15k a year or so. We won't see the 30-40k gains a year anymore in most area's. If we do, we will be back where we started with an even larger debt.

If you ask me, just from looking at the map, it's the people with 'new money' that are hurting the most and making these mistakes.

 

Wouldn't New Albany fit the "new money" label better?  (I admit Im not that familiar with suburban Columbus).

Really, I thought it would be much worse in the newest sprawl such as Powell, Grove City, Hillard and Canal.

If you ask me, just from looking at the map, it's the people with 'new money' that are hurting the most and making these mistakes.

 

Wouldn't New Albany fit the "new money" label better?  (I admit Im not that familiar with suburban Columbus).

 

By new money I don't mean rich. Just upwardly mobile people living beyond their means and given credit that they're not worthy of. New Albany is uber-rich. Abercrombie, Victoria's Secret, Bath and Body Works executives and such.

New money usually means people who are newly rich (vs "old money", inherited wealth).

 

Really, I thought it would be much worse in the newest sprawl such as Powell, Grove City, Hillard and Canal.

 

...this is what's happened out west.  Shows things are different in Ohio, though its noticeable that parts of suburbia are being hit Cols, too. 

 

It could  also be that there are more morally bankrupt people in Columbus, as David suggests, so you are seeing both an inner-ring and outer suburb (in some suburb) foreclosure crisis.

 

 

 

 

 

I also notice that a number of these areas are predominantly african-american.  Would you all say blacks have more issues with delayed gratification and not adhering to the Protestant work ethic?  Or is that black are predominantly lower and lower middle class, and these are issues with these socioeconomic groups, no matter the race?

 

 

The stretching for the middle class kind of folk is certainly who have been hit the hardest, but Columbus's geography is so different from out west. The Northern Part of the Loop is essentially a fully urbanized corridor. The far suburbs are more likely to the east and southeast than to the north. The crushed 'burbs of the Inland Empire are much further out than Powell or Genoa Twnship or the like and they were mostly populated by the stretching to be middle class. I think African-Americans have been hit doubly, some of it is probably affects of racial steering and mortgage issues, but primarily it is that most African-Americans remain part of the stretching middle class rather than the solid middle class. The ghetto neighborhood issues such as Southside and Linden are an entirely different case.

I think African-Americans have been hit doubly, some of it is probably affects of racial steering and mortgage issues, but primarily it is that most African-Americans remain part of the stretching middle class rather than the solid middle class.

 

Maybe stretching but perhaps the economy, too. 

 

I found this out re Dayton. In manufacturing blacks were disporportionatly concentrated in assembly (based on a look at the 2000 census), which would be mostly the Delphi plants here and GM.  So when those jobs went away there during the 00's there was a disporportonate economic impact on the black working class.

 

You basically wiped out a lot of living wage jobs, and this had to have an effect on the financial situation of the layed-off. , The effect of this would also be geographically concentrated since blacks are still somewhat segregated in housing.  It would be like the Detroit situation discussed in "The Makings of the Urban Crisis", happening today, not the 1950s.

 

The situation might be different in Columbus.