Without question the latest economic recession has had a devastating impact on the economy of Northeast Ohio. Exacerbated by the foreclosure crisis, Cleveland's real estate market has been in decline as early as 2007. However, recent market trends show some signs that Cleveland's real estate market may be on the upswing.
While the housing market in cities like Detroit and Las Vegas has yet to fully recover, the Cleveland market has begun to stabilize and bottom out. According to the most recent numbers, home sales in the greater Northeast Ohio area from January through September are better than they were in 2009. Throughout the region, housing consumers are beginning to buy and their appetite for investment has been increased due to historically low interest rates and federal tax credits. Home prices have also gone up over the past six months, which bodes well for residents who have seen their housing values plummet due to the sub-prime mortgage crisis that almost paralyzed the region. While these trends are promising, Cleveland's economy still has a long way to go to fully recover. Over the past 10 years, Cleveland lost a a fifth of its jobs as the manufacturing base eroded. Leaders in the region are now working vigorously to retrain workers in healthcare, one of the regions greatest economic assets.
Moving forward, Cleveland and its leaders must continue to work towards creating regional economic development strategies that will attract new investment. Cleveland's unique location by Lake Erie and its emerging strengths as a biotechnology and healthcare capital are all great foundations to build upon.
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