Ohio housing bubble called a myth by the Federal Reserve

Great article. Click on the link to read the entire story. My Broker is quoted in it.

clipped from www.dispatch.com Ohio's rise in foreclosures and slip in housing values can't be blamed on a housing bubble, says the Federal Reserve Bank of Cleveland. Instead, Ohio's problems are rooted in long-term economic challenges coupled with easy credit, according to a report released yesterday. "It wasn't a housing boom in Ohio; it was a credit boom," said Emre Ergungor, a senior research economist with the Cleveland Fed. "The growth in credit still supported home prices, but of course we didn't get a boom by California or Florida standards." "It wasn't a housing boom in Ohio; it was a credit boom," said Emre Ergungor, a senior research economist with the Cleveland Fed. "The growth in credit still supported home prices, but of course we didn't get a boom by California or Florida standards." "Columbus is frankly very different from most Ohio cities. … We are continuing to grow, not at the pace we were a few years ago, but hopefully more when the economy recovers."