Property Values in Ohio Lower Than Last Year

By Lorrie Krob
On June 24, 2011 At 3:09 am

Category : Real Estate
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Property values in Ohio are lower this year than last year, due to sluggish home sales, and many short sales and auctions on continued foreclosures.  Ohio has been especially hard hit by the foreclosure crisis in the last several years, and potential home buyers are holding onto their money until things stabilize.

As evidence of more fraudulent mortgage lending practices were announced yesterday by the Cuyahoga County Prosecutor, the foreclosures in Northeast Ohio are still continuing at a steady pace.  Most of the new foreclosures are because of job loss in the recession, however that will not help the property values go up.

For investors, this is a good time to buy a home in Northeast Ohio, if you have money to spare, because many of the homes on the market are in excellent condition, upper class homes, in upper end neighborhoods, that have been lost through no fault of the owners.

Both the city of Cleveland and inner ring suburbs have been devastated by the foreclosures in the last few years, and the evidence is still felt everywhere in Ohio.

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