SUMMARY    HISTORY    PEAKS & TROUGHS    FORECASTS

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The Cleveland housing market is experiencing a continued slowdown and has actually posted negative real returns over the past 72 months (rolling 6 years). Fortunately, Cleveland avoided much of the unbridled exuberance seen in many coastal markets, but weakness in the job market and local market psychology have increased inventories and further depressed prices. Further sales declines should be expected due to current market psychology, however, large price declines are unlikely as the mortgage debt servicing cost has remained extremely low.

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This ratio compares the monthly mortgage payment (principal & interest only, which does not include hazard insurance, property taxes or any needed private mortgage insurance) for a median priced home financed at the prevailing 30 year mortgage rate to the local median 4-person family income.