Cleveland

The depressed economy, fueled by woes in the automobile industry, has created oversupply in Cleveland, Markstein says. Its foreclosure rate is the sixth highest nationally, according to RealtyTrac. It’s one of the markets, however, that Local Market Monitor identifies as undervalued.
Median price end of 2007: $132,400
Median price end of 2006: $138,700
% change: – 4.5 %
Projected change through Q3 2008: – 0.5 %
Affordability rating: N/A
Foreclosures in 2007:
(1 for every 34 households)
27,848
Foreclosures in 2006:
(1 for every 71 households)
13,109
Change in foreclosures: + 112.4%
Current rate comparison
»
Click here for state vs national rates
Price trends

?

Key market map
June ’06: National median price $227,100
Dec. ’06: National median price $221,900
Dec. ’06: Local median price $138,700
June ’07: National median price $229,200
Dec. ’07: National median price $198,700
Dec. ’07: Local median price $132,400
* Median prices for existing single-family homes