There is interesting news about the real estate market in Cleveland. According to data from NORMLS (Northern Ohio Regional Listing Service), sales in Cuyahoga county from April '07 to April '08 are actually up 5.1% and the number of new listings declined 8.8% for the same period, indicating that progress had been made in working through the housing inventory The down side is that the average price has declined 14.8%. If you are looking for a home for the long term, this is an excellent time, with great prices and low interest rates.
Although the Cleveland has been one of the centers of the real estate meltdown, local government is beginning to tackle the problem. Recently the City of Cleveland went after some of the abusive lenders in court- one of the first cities to do so. In addition, Cuyahoga County prosecutor Bill Mason obtained convictions against three people involved with mortgage fraud. Read about it here:
http://blog.cleveland.com/plaindealer/2008/06/trio_convicted_in_mortgage_fra.html
The recent bad news about Continental Airlines cutting back direct flights from Cleveland and therefore putting their plans to add 700 jobs in Cleveland on hold has been balanced by the news that the Defense Finance and Accounting Service is adding 600 jobs to the Cleveland area. The DFAS does accounting work for the U.S. Navy and Marine Corps. That could potentially pump 4.8 million dollars into the downtown economy. Read about it here
http://blog.cleveland.com/business/2008/06/dfas_adds_600_jobs_to_clevelan.html
Cleveland has had bad spells through it's history but it has a fighting spirit and it is taking good steps towards making progress against the real estate problem.
It is still one of the most livable cities in America and I love it here! Take advantage of this week's great weather and look at some homes!
Visit my sites: www.realtyone.com/scott.haigh and www.scotthaigh.com
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