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Report: Cleveland Housing Market to Improve

Friday, June 22, 2007 at 9:39 AM

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Despite major problems with mortgage lending and soaring foreclosures, a new report says the Greater Cleveland housing market is poised to improve. ideastream's Tasha Flournoy has more.

Over the next two years, Greater Cleveland will face less of a decline in housing prices than Riverside, California or sprawling Las Vegas Nevada. That’s according to a real estate trends report issued by PMI Mortgage Insurance in California.

Stephanie Corns, a spokeswoman for PMI, says the report looked at housing future of nearly 400 metro areas across the country. And, placed Greater Cleveland in the lowest risk group.

Stephanie Corns: What it really means though is that there’s a chance that you’re gonna see your home prices stay the same or go up and that’s good.

Another report by the financial technology and services company Fi-serv predicts that median home prices in Greater Cleveland will rise by 2.7 percent from April 2007 to April 2008. The company is predicting a 3.1 percent rise in Youngstown during the same period, and a .2 percent decline in Detroit.

Tasha Flournoy, 90.3.

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