Today we welcome Cleveland as the latest entry in the “re-busing” series as the Radar Logic data for this metro housing market is showing the tell tale signs of government propping fatigue.
Although Cleveland is a very seasonal market with typical spring and winter swings in price, 2009 brought an exaggeration of the typical pattern with an exceptional early summer spike as well as vibrant run up into the November 2009 tax credit expiration.
Yet, as is becoming now very obvious, the government meddling only granted a temporary reprieve to those banking on price stability.
The price decline resumed in earnest once all the hoopla over the home buyer tax credit expiration blew over and prices have been down ever since.
In fact, Cleveland area home prices are now sitting at over a decade low some 32.76% below the level seen at the peak during 2005 and down 12.29% since just last year.