The Foreclosure Report

Bankrupt Subdivision 'Not Unique'

The Dominion Homes saga continues to play out in Ohio. "Unhappy homeowners in a west Columbus neighborhood met face-to-face Tuesday night with representatives from Dominion Homes. People living in the Galloway Ridge development are questioning Dominion officials about dropping home values and more than 100 foreclosures and bankruptcies in the neighborhood."

"'Right now I'd have to sell this house at about $180,000 to compete within this neighborhood and the next neighborhood up, and I owe $197,000 on the house,' said homeowner Matt Romine."

"Neighbors blame Dominion for selling to people who couldn't afford to live there."

"'Our Galloway Ridge community is not unique,' said Tom Hart, vice president of Dominion Homes. 'There certainly is a challenge to the real estate market in several parts of our overall region.'"

posted by Ben Jones @ 10:54 AM