Dr. Karen Eilers Lahey, professor of finance and C. Herberich professor of real estate, was quoted in a story in the April 11 – 17 issue of Crain’s Cleveland Business on the real estate market in Northeast Ohio.
The story reports on data that confirms home values in the region have returned to what they were a decade ago.
While Dr. Lahey agrees that home values in Northeast Ohio have indeed tumbled, she notes that the aggregate statistics do not say everything about the housing market within a particular metropolitan area. Also, the statistics track only properties sold at any given time.
“If you’re sitting on a property, there is no loss…,” said Dr. Lahey. “Here’s the problem: people have to sell. If you have to sell, to move for a job or to retire, you are going to lose money.”
See the full story in Crain’s Cleveland Business, April 11 – 17, 2011 - Housing values at decade-ago levels, may stay.