Nasty year in Cleveland!
Cleveland median housing prices continued to fall in the 4th quarter and the year finished as the worst ever on record in both nominal and real terms. The continued real price decline has now reverted prices back to levels not seen since 2000:Q3. However, the price decline has created a positive - record positive affordability as the Cleveland is one of the most affordable US cities. Will the affordability turn into price growth in 2007 or will the year continue to see rust belt declines?
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