Housing is attrocious!
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3/6/2006
Unfortunately, the housing situation in Ohio, and especially in Summit County is awful. The glut on the market of homes going through foreclosure proceedings, along with that of new homes on the market that have yet to be sold are contributing to a buyers market. Unfortunately, through practices of refinancing and rehab home sales along with some low interest rates, houses have continued to be built, creating what I see to be a housing bubble likely to pop. At the minimum, current housing valus will not continue to rise and will stagnate in the area for several years, until the values are more realistic. More likely, the values will fall, creating a market of people overextended on their homes and the equity depreciation will filter through to other areas of the economy. essentially, a 32-41% correction will occur in the Summit county area within the next two years, whether itrwil take several months or several years to correct is the issue.
Daniel | New Franklin, OH