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December 06, 2006 11:35 am
Editor's notes: With box top 10 losing cities (including Kokomo)
Midwest housing market taking hardest hit
The release of the latest Office of Federal Housing Enterprise Oversight data shows the Midwest has been hardest hit by the decline in the nation's housing market.
Indiana had two cities on the list of the cities that showed the biggest year-by-year drops in the numbers of homes sold, while Michigan had six cities on the list.
By Mark Olejniczak
CNHI News Service
Anderson, Ind. — The release of the latest Office of Federal Housing Enterprise Oversight data shows the Midwest has been hardest hit by the decline in the nation's housing market.
Indiana had two cities on the list of the cities that showed the biggest year-by-year drops in the numbers of homes sold, while Michigan had six cities on the list.
The top three on the list were Anderson finishing with a decline of 6 percent; Ann Arbor, Mich., was in second with -3 percent; and Kokomo recorded -2 percent tying for third with five other cities.
Dawn Jarvis, a local real estate agent at Howard Webb Insurance and Real Estate, attributes the numbers to the impact the automotive industry has had on the local economy.
Jarvis has observed the increases in the foreclosure market, due to job losses in the automotive sector as one of the main contributing factors.
“With people leaving Anderson with the General Motors transfers there has been an increase in the foreclosure market,” Jarvis said. “The foreclosure market has increased since I started over 10 years ago.”
Dennis Jackson is a licensed auctioneer and real estate agent in Anderson. He specializes in more of the alternative method of selling real estate through a public auction style.
He said the reason the city of Anderson is hurting is that people just aren’t moving into the local community. Jackson mentioned that he has noticed an upswing for Sept. 1 through Nov. 15 but the summer months have been the weakest months.
Bill Carter, broker and owner at RE/Max Real Estate Group in Anderson, pointed out the numbers shouldn’t be a big surprise due to the amount of bank-owned and foreclosed properties in Anderson.
Carter said Ohio, Indiana and Michigan have all been hard hit due to their dependence on the automotive industry.
For more information on the ranking, log onto www.ofheo.gov
Hardest hit metro areas in real estate
1. Anderson, Ind. -6 percent
2. Ann Arbor, Mich. -3 percent
3. Springfield, Ohio -2 percent
4. Holland-Grand Haven, Mich. -2 percent
5. Greeley, Colo. -2 percent
6. Kokomo, Ind. -2 percent
7. Detroit - Livonia - Dearborn, Mich. -2 percent
8. Warren-Troy-Farmington Hills, Mich. -1.5 percent
9. Muskegon-North Shores, Mich. -1 percent
10. Flint, Mich. -0.9 percent
(Source: Office of Federal Housing Enterprise Oversite)
Mark Olejniczak writes for The Herald Bulletin in Anderson, Ind.
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