Ten years after the U.S. financial crisis and collapse of the housing industry, a veteran Indiana real estate agent says the period of turmoil forced communities to think differently about residential development and reimagine their futures. Berkshire Hathaway Home Services realtor Greg Cooper recalls the dark economic period by the tears he witnessed almost daily from Hoosiers who had lost their jobs and were putting their homes up for sale. But Cooper says there were lessons learned.
“The most shocking part of what’s happened in the recovery in the last ten years is how communities have begun to reinvent themselves, to reinvest, to redevelop themselves catering to populations,” said Cooper. “No more do we just put up sprawling neighborhoods wherever, we’re redeveloping central cores, walkability, new urbanism, all those terms that have become so important to both downsizers and Millennials, those have become front and center for communities and they are catering right at them.”
On this weekend’s edition of Inside INdiana Business with Gerry Dick, Cooper offered perspective on the Indiana housing market, ten years after the bankruptcy filing of investment banking giant Lehman Brothers.
Cooper says the Indiana housing market has improved dramatically over the past decade, pointing to striking numbers related to foreclosures.
In 2009, it was estimated that 1 in 62 Indiana homes was in some form of foreclosure. Today, that number is 1 on more than 4,700 homes.