Is the Cleveland Housing Market Ready to Rebound?
There may be hope on the horizon for Cleveland homeowners. Cleveland, Ohio was cited in the November 2008 issue of SmartMoney Magazine as one of twenty-five major cities in the United States that is poised to see its housing market rebound. Part of the reason is that Cleveland "sat out" the skyrocketing home prices seen in other major cities across the U.S. that are now coming back to haunt those markets.
Cleveland ranked fifth on SmartMoney's list of twenty-five major cities. As the credit freeze begins to thaw, interest rates fall and people are once again able to refinance, there may be light at the end of the tunnel. Despite this positive news, however, Cleveland and Ohio are still experiencing a significant rise in the number of bankruptcies filed, which include many homeowners for whom this rebound comes too late and who were forced to abandon their homes (see prior entry Ohio is Not Alone: Bankruptcies Continue to Rise Across the Nation). If you are facing foreclosure or considering bankruptcy, be sure to contact an experienced attorney to learn your options.
