Friday, April 4, 2008

Ohio officially designated as Declining Real Estate market

As of April 1,2008 the State of Ohio has been labeled as a declining market. This is across the board for the whole state. I have been told that the banks are now considering your real estate property values are now 7% lower than they were last year. This is an average. If you are in a more volatile market such as Cleveland proper you may be looking at lower even values.What does this mean to you? If you are using a line of credit on your home you may be hearing from your bank soon. They are very likely to lock your line at its present loan amount and lower your limit to what you have presently extended on it. If you are selling your home, the loan qualifications just got tighter। If you are an investor looking to make a good deal in this time of opportunity you will need more cash out of hand to purchase. Is this good? Not really this is going to cause more problems. Instead of the banking industry looking to take advantage of this market and find a way out they have just buried us into a even harsher environment.

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