{"id":465944,"date":"2010-03-24T09:58:17","date_gmt":"2010-03-24T13:58:17","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=5691"},"modified":"2010-03-24T09:58:17","modified_gmt":"2010-03-24T13:58:17","slug":"job-losses-drive-cleveland-pre-foreclosures-cut-down-prices","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/465944","title":{"rendered":"Job Losses Drive Cleveland Pre Foreclosures, Cut Down Prices"},"content":{"rendered":"

Record job losses have been driving Cleveland pre foreclosures<\/a> and pushing down home prices.<\/p>\n

\"Job<\/div>\n

In Cuyahoga County<\/a>, where Cleveland is the administrative seat, foreclosure filings spiked in the final quarter of 2009. A total of 4,508 cases were filed in the Common Pleas Court of the county, a sharp jump from the 3,887 cases filed in the final quarter of 2008, from the 3,940 cases filed in 2007 and from the 4,304 cases filed in 2006.<\/p>\n

The number of residential properties<\/a> entering Cleveland foreclosure listings<\/a> has been highest on zip codes on the east side of Cleveland.<\/p>\n

Since the start of the crisis, Cleveland has already lost more than 7 percent of its jobs. With the decline in heavy manufacturing jobs over the years, Cleveland has not created enough jobs for residents although it has diversified into service industries such as financial and health care services to make up for its manufacturing job losses.<\/p>\n

The Great Lakes region, known for its manufacturing industries, has been hit hard by the recession, triggering job cuts that push people to move to other states where there are jobs.<\/p>\n

In foreclosure reports for 2009, the Cleveland-Elyria metro area showed declines in foreclosure activity. But towards the latter part of 2009, the number of Cleveland pre foreclosures and the number of housing units entering homes auctions in Cleveland<\/a> climbed up.<\/p>\n

A total of 22,430 households in the Cleveland metro area received notices of delinquency and foreclosure in 2009, representing 2.4 percent of all households in the area.<\/p>\n

As foreclosure cases continued to be filed, the average home price in Cleveland fell in February to $98,292, down by almost $4,000 from the $102,596 average in January. Total sales remained flat, as 644 units were sold in February, just one unit down from the 645 units sold in January.<\/p>\n

Other Ohio<\/a> cities like Cincinnati and Columbus fared better in home sales and prices. In the Cincinnati area, the average home price soared to $100,500 in February from only $75,800 in January.<\/p>\n

In the areas covered by Columbus, the capital city, the average home price also spiked by a whopping $16,352 to 250,414 from only $234,062 in January. Home sales however fell from 115 units in January to 98 units in February.<\/p>\n

According to Ohio analysts, the higher pace of Cleveland pre foreclosures has blocked the local housing market to hit the whopping price increases posted by Cincinnati and Columbus.<\/p>\n

Search pre foreclosures in other US cities:<\/p>\n