Monthly Archives

November 1999

Summit County Single Family Bouncing Back in February

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Summit County single family residential sales prices released March 8, 2011 by the Regional MLS show sizeable increases in both Average and Median sales prices for February closings after large declines in January.  The average price of properties closed at $114,694, or 14% higher than the prior month. Median prices increased 32% with the median sales price closing at $87,250 during February.  Average and Median prices are still slightly trailing behind the December 2010 numbers.

Banks Now Walking Away From Homes; Cleveland Ohio Economist

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An economist from The Federal Reserve Bank of Cleveland Ohio is quoted regarding why lenders choose to walk away from foreclosures.  It is reported that some 14,500 to 34,600 foreclosures nationwide are abandoned by lenders.  The report indicates that one consideration is the value of the property and the cost of foreclosure.

The full report can be read at the Appraisal Institute Appraiser News Online at:

http://www.appraisalinstitute.org/ano/newsletter/DisplayNwsLtrArticle.aspx?volume=14&numbr=9/10&id=19864

 

Our appraisal services in Cleveland Ohio and Akron Ohio help lenders make informed decisions on collateral and make business decisions, mitigating risk.

Cleveland Seaonally Adjusted Prcies Decline, Again, Per Case Schiller

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While some local Northeast Ohio residential markets are experiencing strong demand and price increases, the overall market still has signs of weakness.  The S&P/Case-Shiller released August 30, 2011 (indices through June 2011), seasonally adjusted price index slipped for the fifth straight month.  The
seasonally adjusted index is at the lowest level since November 1999
slipping 0.3% from May 2011.  Non-Seasonally adjusted index climbed a little over 1.5% in June, signalling the summer selling season.

Summit County Residential Sales Showing Mixed March

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Summit County single family residential and condo sales prices released April 7, 2011 by the Regional MLS show mixed signs as Average and Median sales prices for February closings canter after gains made in February.  The average price of properties closed at $116,282, or 1.3% higher than the prior month. Median prices decreased 36% with the median sales price closing at $75,000 down from $87,250 during February.  Average prices are still slightly trailing behind the December 2010 numbers while median prices are far behind those in December 2011.