Marysville (Columbus, Dublin, Delaware: real estate, foreclosures, loans)

[jcubbin]

I'm considering moving to the Marysville area and was surprised to hear a local Realtor tell me that region (Marysville and surrounding) was one of the biggest places in the US for defaulted home loans. It seems odd to me as there appears to be good industry there, with Honda, Scotts, etc.

I have a friend who lives in Dublin who tells me similar stories of large pockets of homes that are simply vacated.

I'll be visiting there this summer to see for myself, but this sounds like a strange trend.

Can anyone confirm or deny this?

Thanks

[jcubbin]

My initial post in this thread didn't seem to get any play, so let me ask this... is anyone here familiar with Marysville, what kind of place is it, up and coming or not so much?

Thanks

[streetcreed]

I would honestly live in Dublin or Powell before Marysville, Marysville is not yet still really considered part of the Columbus metro, its looked at more as an ugly step sister by city dwellers. Dublin and Powell are suburbs yet still in between the jobs in Marysville and Columbus, and those places have much better housing markets. Marysville is transitioning from being a very "rural" place to kind of a place with developed sprawl.

[Depgurl]

Marysville could be better. The womens prison there is a HUGE income for the area. It's the only womens facility in the state. That's one of the things Marysville is known for. Dublin is very $$ but a very nice area.

[toby73]

I'm a real estate agent in neighboring Delaware County.

What you are describing in Marysville is not a unique situation when an area transitions and "seasons".

The general concept is that when you build a development of say 300 homes and sell them off in a short-span, say 4 years. Now you have 300 new loans in the system. Obviously some of these homes will go into foreclosure and when you add on the "interesting" financing that some introduced toward the end of the boom and you add more to the foreclosure mix.

These new number of homes sell, and go through the same seasoning period with some making it an others not. Until eventually the development becomes much-more stable.

If you visit Delaware, you can see this in "action", on State Route 37 (Central). Lexington Glen was built about 15 years ago the number of homes being foreclosures are lower, the next development to the west is Locust Curve and it is about 8-10 years old and the foreclosures were actually much higher 3-4 years ago than they are now. And the newest development, west of Locust Curve, is Lantern Chase and it is less than 5 years old. The foreclosure rate is the highest in this area.

Marysville "boom" hasn't been as long as Delaware, so there are a lot more homes in the seasoning phase -- mostly in the early to mid stages. I would ask your friend in Dublin about the age of the developments he's talking about, and I'd be willing to bet they are all in the newer developments.

Now to your second question, is Marysville and up-and-coming area? Yes.
Hopefully, it will never be considered metro -- and I hope that same thing for my Delaware, though that seems to be getting less and less likely -- as Marysville has a really good blend of old-fashioned character and big box retailers. 33 makes for an easy trip into Cbus for anything you might need that Marysville doesn't have. I like the area and it was on our short list when we moved to Delaware County, was just too far from where I was working at the time.

[little sister]

Foreclosure is a state wide problem in Ohio.