Home Prices Nationwide Are Leveling Out
The housing bubble has left many area streets pockmarked with foreclosed homes, but compared to other cities around the country, Cleveland has come out doing alright.
BLITZER: FOR CLEVELAND BOTH THE RISE AND DECLINE IN HOUSE PRICES OVER THE PAST COUPLE YEARS HAS BEEN MORE MODEST THAN MANY OTHER CITIES.
That’s David Blitzer, Chairmen of the Index Committee at Standard & Poor’s. They’re the ones who follow home prices in 20 major US cities, including Cleveland.
BLITZER: CLEVELAND DID NOT EXPERIENCE THE HUGE SURGE IN HOUSING PRICES SEEN IN THE SUN BELT AREAS SUCH AS LAS VEGAS NEVADA PHOENIX ARIZONA OR MIAMI FLORIDA OR SAN DIEGO BUT LIKEWISE WHILE PRICES HAVE PULLED BACK IN CLEVELAND THE DECLINE HAS NOT BEEN ANYWHERE AS NEAR AS SHARP AS IN SOME OF THOSE SUN BELT CITIES.
Despite rising prices in the spring and summer, Cleveland has seen a slight dip overall in the past year. We’re down 3 and a half percent. But that’s nothing compared to those Sun Belt areas Blitzer mentioned, like Las Vegas. Their house prices have gone down 27%. Blitzer says for the most part this isn’t a sign of a double-dip recession; it’s just a time of slower growth than the summer.