City-by-city price comps
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Cleveland, home of the Rock and Roll Hall of Fame, needs some uplifting tunes to lift it out of the depressed housing and job market. The large number of foreclosures reportedly is causing lenders to turn their backs on some homes. Job growth fell 4.2 percent last year in Cleveland, according to Local Market Monitor, which expects another 5 percent loss in jobs this year. | | Median price end of 2008: | $88,300 | | Median price end of 2007: | $118,600 | | Percent change: | -25.5 | | Projected change through Q3 2009: | -1.4% | | Affordability rating: | 0.0 | Foreclosures in 2008:
(1 for every 34 households) | 27,693 | Foreclosures in 2007:
(1 for every 34 households) | 27,848 | | Change in foreclosures: | -0.6% | | Expected to hit bottom: | Q4 2009 | | Percent drop needed to reach bottom: | -13.4% |
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