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Home Sellers and Rental Properties Welcome Job Market Improvement

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By : John Cutts    99 or more times read
Owner of rental properties, house sellers and other sectors of the housing industry in Ohio have welcomed the news that the job markets of some local areas are recording slight improvements. Home sales are also improving in certain counties, leading analysts to believe that the region is on its way towards a more stabilized housing market.

Although the number of bank owned homes in Cleveland and foreclosed properties in other parts of the state remains a major concern, certain areas are showing signs of recovery. In Trumbull County, home sales rose to 159 during the month of September 2010. August 2010 home sales in the county totaled 134, while 132 houses were sold in total during September 2009.

Prices of regular dwellings and Ohio bank owned properties improved in several areas as well. Trumbull median home prices are at $64,500 in September, which is significantly better than the average price of $58,000 recorded in August. However, it is lower than the September 2009 average price of 68,000.

Other signs of economic and housing market improvements can be seen in the county. Rental properties, home selling and sales tax receipts all showed better conditions compared with 2009. Consumers contributed total sales taxes of $1.73 million to the county's coffers in September. The amount is much better than the $1.61 million recorded in September 2009.

The list of bank owned properties is expected to narrow in the coming months, with unemployment in Trumbull declining to 10.8% and to 11.5% in Warren County. The two local areas are showing the biggest economic, employment and housing market improvements among various locales in Ohio.

However, overall job market status still leaves a lot to be desired, according to local economists. The state's unemployment rate remains almost 40% above the level of job growth established more than ten years ago in 1999. The area's new unemployment claims also remain higher by 17.2% when compared with October 2000, the last month before job losses became a full blown problem in the state following the recession of the 2000s.

Despite the statewide need for more jobs, owners of rental properties and home sellers are optimistic that improvements in certain pockets of the state will eventually herald statewide economic growth and will bring in more homebuyers and renters in the region.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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