HOUSINGNEWS REPORT
LEAD ARTICLE
Median home prices in Cuyahoga County are up 5.7 percent from a year ago, while the average change in the three suburban counties is a 1.7 percent increase. Sales volume is down from a year ago in those three suburban counties on average, but up 3 percent from a year ago in Cuyahoga County. Cuyahoga County’s share of underwater homeowners is higher than the three suburban counties, as is its foreclosure rate, but foreclosure activity in the county declined at a faster pace from a year ago. Meanwhile, the home flipping rate in Cuyahoga County is double the average home flipping rate in the three suburban counties , and flipping has increased 19 percent from a year ago in Cuyahoga County while flipping has decreased 19 percent in the three suburban counties won by Trump.
The outperforming Cuyahoga County market is thanks to renewed interest in single family rentals from real estate investors and an increased willingness to live in “fringe” neighborhoods close to revitalized pockets of the city, according to Stark, the local real estate radio host, investor and lender. The Foreign Factor Ironically in light of Trump’s promises to restrict immigration, some of the lift in Cuyahoga County is coming from foreign interest in the city. “People are coming here from all over the world, buying (rentals),” said Stark. “You can buy houses in a decent suburban neighborhood … be in for 40 grand on a property that’s going to rent for $900 a month. Stark noted that the renewed interest is making the market more competitive, however.
“You have to work hard to find a motivated seller now. … The fringes of the neighborhoods where three or four years ago no man has gone before, people are saying we’ll go a few steps away from the best neighborhoods,” he said, providing as one example the University Circle neighborhood on the east side of Cleveland that is home to several museums and other arts-centric attractions. “We’re starting to see white families move into that neighborhood because they can walk to the school of the arts. “Doctors are from all over the world, and they are coming here from all over the world to finish their residencies … they’re renting in fringe neighborhoods around the hospitals,” Stark added. Although Stark believes the forces now lifting the Cleveland market were already in place before the presidential
TRUMP BUMP: HOME EQUITY
TRUMP SLUMP: HOME FL IPPING
AVG OF Q1 2017 PCT SERIOUSLY UNDERWATER
AVG OF YOY PCT CHANGE IN HOME FLIPPING RATE
8.5%
10.4%
7.8%
9.5%
CLINTON-WON COUNTIES
TRUMP-WON COUNTIES
CLINTON-WON COUNTIES
TRUMP-WON COUNTIES
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JULY 2017 | ATTOM DATA SOLUTIONS
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