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House Prices Continue to Drop in Cleveland and Nationwide

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Home prices nationwide have fallen to 2002 levels according to the latest figures from the Standard and Poors Case-Shiller Home Price index. Ida Lieszkovszky reports for a while the index showed Cleveland as one of the brighter spots in the post-bubble economy, But now the picture here has grown bleaker.

Tuesday, May 31, 2011 at 3:06 pm

Two years ago home prices in Cleveland were said to have remained more stable than in some other markets, because they hadn’t gone that high to begin with.

Now, S and P's vice-president, Maureen Maitland says the recession for the housing market has been so bad it's not even taking part in the economic recovery. And while the Case-Shiller Index shows much of the rest of the country has hit 2002 home price levels, Cleveland and a few others cities have dropped below 2000 levels.

"What's happening is across a lot of these markets there's a lot of foreclosure activity, there's a lot of inventory overhang, and the regional economies just aren't good enough."

Cleveland is one of 20 metro areas tracked monthly by Standard & Poors'.

Maitland says the figures represent a second dip in housing prices - following a temporary uptick last year thanks to the first time home-buyer's credit program.

She says she isn't expecting to see a turn-around in home prices any time soon.

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