Enquirer analysis of 107 neighborhoods found decline of 10% or more in 88 of them
Cindi Andrews reports:
Home prices in some of the region’s largest and traditionally fastest-growing suburbs are still struggling to recover – down 20 percent last year compared with 2007, the year the market started its slide toward the cliff.
And that’s the relatively good news.
Overall, an Enquirer analysis of home data in 107 neighborhoods with at least 50 sales last year shows that prices started to climb but remained well below pre-recession levels across the region.
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Prices were down 10 percent or more in 88 neighborhoods, and off by 50 percent or more in North College Hill, Latonia, Bond Hill, Ludlow, Cheviot, Groesbeck and St. Clair Township.
In a category of its own, Price Hill chalked up a median sale price of just $17,035 last year, down 46 percent from 2007 and $10,000 below the community with the next lowest price.
Only seven neighborhoods showed prices higher than in 2007. Northside led with a 54 percent increase in price, followed by Avondale, Terrace Park, Clifton, Fort Mitchell, Aurora and Madeira.
Housing analysts expect it will take years for home prices to regain lost ground, a lag that carries wide-ranging financial and emotional implications.
“You don’t feel as wealthy, and you’re not, because your house isn’t worth as much,” said Shaun Bond, director of the University of Cincinnati Real Estate Center. “It will have some impact on your outlook and your spending.” (more…)