At its April 20, 2006 meeting, the Cuyahoga County Planning Commission started a dialogue on housing as an issue that has far ranging impact on the regional economy. Garfield Heights Mayor Tom Longo reported that the city's recently completed master plan identified the importance of housing since conditions impact quality of schools, economic development and quality of life in a community.
Beyond the impact on local communities, the region stakes its reputation on having a good housing stock. The commission pondered if a conversation and perhaps a study is needed to determine the general condition and the diversity of housing types available. The commission could identify the factors that drive decisions on buying a home in Northeast Ohio, including whether enough desireable housing types are available and where.
To read the complete minutes from the meeting, go here.
Cleveland's foreclosure problems affect entire housing market
Marc Lefkowitz Says:In a Forbes report on the best and worst housing markets (based on home values) in the country today (8/16/07), Cleveland and Detroit lead in the race to the bottom. "In these metros, prices fell 7.1%. Skies aren't much sunnier in the West. Median home sale numbers in Sacramento, Calif., Las Vegas and Phoenix dropped 6.3%, 3.6% and 2.7%, respectively."
The article blames Ohio, Indiana and Michigan's woes—20% of all loans in foreclosure nationwide—on the economy. But, isn't it also a sign of how much these states and the banks allowed the subprime mortgage industry to damage the overall housing market?
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