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Cleveland Distressed Properties Versus National Statistics

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By : John Cutts    99 or more times read
The National Association of Realtors (NAR) has released data for February 2010 which showed a slight decrease in the number of existing residential property sales in the U.S. The country-wide numbers are being analyzed by market observers to see if it they will have a significant effect on local housing markets, including Cleveland distressed properties.

According to the NAR data, finalized sales transactions involving town houses, co-ops, condominiums and single family housing declined by 0.6% all around the U.S. to more than five million units for the month of February.

However, economists have warned that winter storms during February might have affected the accuracy of demand data. They explained that the bad weather could have delayed transaction closings and that the figures cannot be used to form a conclusion that the housing crisis is over.

Despite home sales recording higher numbers compared with a year ago and prices of homes showing some form of stability, residential real estate recovery is still deemed too fragile by economists.

In relation to local housing markets, the improved national housing sales number cannot be considered as having too much of a positive impact on, say, the market for Cleveland distressed properties.

Market analysts stated that the real status of the housing market recovery will be seen in the coming months as the deadline for tax credit approaches. If an increase in home buying is recorded, then it could present a positive impact on Ohio distressed properties and other local foreclosure markets as enough inventories would be absorbed which would result in the stabilization of residential property prices.

People who are looking to buy distressed properties remain higher in number than those opting to purchase existing homes. Distressed properties in Ohio and in the rest of the U.S. accounted for 35% of the total home sales for January 2010, according to the NAR data.

Regional statistics showed that sale of existing homes rose by 2.4% in the Midwest for February 2010, while sales in the South declined by 1.1%. Meanwhile, the West recorded a decline of 4.7% in terms of sales of existing homes.

The market for Cleveland distressed properties and other distressed housing segments in the U.S. are expected to continue to have higher sales than regular homes as the whole country waits for data leading to the deadline of tax credits to formulate a conclusion on the status of the nationís housing market recovery.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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