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Economy and Business


Home prices in Cleveland and most of nation continue rising
Realtors say it's the start of a slow recovery in Cleveland, elsewhere

by WKSU's KEVIN NIEDERMIER


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Kevin Niedermier
 
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In The Region:

The nation’s average home prices have risen for the sixth straight month, and the Cleveland market is among the winners. But as WKSU’s Kevin Niedermier reports, the news is still mixed in one of the country’s hardest hit housing markets.

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Standard and Poor’s Case-Shiller Home Price Index shows Cleveland’s single family home prices climbed 3 percent in September compared to the same time last year. That means average prices are about the same as they were 11 years ago. Nationwide, home prices are up 3.6 percent according to the report. The Chairman-elect of the Cleveland Area Board of Realtors, Joann Zettl, says the Cleveland numbers indicate the market has stabilized. But she says home prices still vary widely from neighborhood to neighborhood, and not all sellers are getting the same results.

“It’s still tough, and varies depending on individual situations like when someone purchased their home, did they refinance it? If they pulled the equity out and now need to sell it when values have declined they’re potentially in a situation where they have to bring money to the table. So, everyone’s particular situation determines how they view the market.”       

Zettl says momentum in the housing market will depend on interest rates staying low, and, whether Congress eliminates the mortgage interest deduction on income tax returns as part of a deal to reduce the deficit. Home prices continue to lag behind in Detroit, Las Vegas and Atlanta.
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