Cleveland: First Out of Housing Mess? Plain Dealer Reports Increase in NE Ohio Home Sales

Statewide home sales in Ohio increased 10.4% and regional sales in Northeast Ohio increased 9.1% from April to May 2008, the Plain Dealer reported today.

“Cleveland was the first into this housing mess, and I think the numbers are showing that we’re going to be the first out,” David Sharkey, Vice President of Progressive Urban Real Estate, was quoted in the article.

“When you look at some of these sales prices, they cannot go any lower,” Sharkey added. “People are realizing that it looks like this is the bottom.”

A recent article posted on CNNMoney.com cited the Cleveland metro area as posting nearly 3% increases in home sale prices in recent months. Analysts called Northeast Ohio “the biggest winner” while citing continued drops in other areas that include Las Vegas and parts of California.

Cleveland Posts 3% Increase in Home Prices:“The Biggest Winner,” Says CNN

There may be some hope on the horizon – CNNMoney.com reports that Cleveland posted modest home price gains in March. While prices have continued to drop on a year to year basis, the monthly data shows that price declines are slowing or actually increasing in some cities such as Cleveland. “Hard hit Cleveland was the biggest winner with prices up 2.9%,” the article stated, analyzing sales data from March to April. The article also reports that investors have been buying up distressed properties and Dean Parker, Co-Director of the Center for Economic and Policy Research is quoted as saying “The data suggests that Cleveland as found bottom.” If this is true there is only one way left to go, and that’s up!

SEE ALSO: The Plain Dealer "Cleveland area housing prices up first time in year"

FutureHeights Creates Innovative Community News Forum

FutureHeights, a non-profit community group based in Cleveland Heights, has founded a citizen-led newspaper and website called “The Heights Observer”.

Complementing the rich tapestry of citizen involvement that Heights neighborhoods are famous for, the Observer provides articles, news and information about Cleveland Heights and University Heights. The articles are written by volunteers that live in these communities.

Some of the topics covered in recent issues include historic preservation, neighborhood summer festivals, and the city’s recent budget cuts.

The cover story for the June 3rd issue featured Heights residents that volunteered to take over the installation of hanging flower baskets on Cedar and Fairmount Roads when the city cut this program due to budgetary constraints. It also features an interview with CH Mayor Ed Kelley, and an article about the economic importance of Severance Town Centre to Cleveland Heights.

For more information – or to post your own opinions about stuff happening in
the Heights – log on to www.heightsobserver.org.

Driven to the Brink:Will Higher Fuel Costs Help to Bring Back Cities?

A recent study by the think tank CEO's for Cities argues that the gas price spike has burst the housing bubble and that housing prices have declined more severely in outer suburban neighborhoods. Meanwhile, metro areas with the strongest core city neighborhoods have shown the smallest declines in housing values. With the era of cheap gas over, many experts believe that there will be greater consumer demand for homes in cities, where transportation costs are usually lower, because you don't have to drive to get everywhere.

Check out the report here.

Spotlight on Cleveland's Asiatown Neighborhood

Learn more about the exciting restaurants, art galleries and live/work spaces in the Asiatown neighborhood - click here to read the full article, printed in this week's issue of the Cleveland Free Times.