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24/7 Wall St.: The 10 Markets with the Most Empty Homes

8. Cleveland, Ohio

Vacancy rate: 6.2%
Median price per square foot: $78
Unemployment: 6.5%

Unlike metropolitan areas in Florida and Nevada, the housing market crash was not nearly as bad in Ohio. In Cleveland, the price drop from peak to trough was 17.6%, a far more modest decline compared to cities such as Las Vegas. Despite faring better than many markets, Cleveland is not yet showing many signs of turning a corner. On top of high vacancy rates, the average price per square foot is unchanged on a year-over-year basis, and the number of sales have dropped by nearly 20% in the same period. Further, while 1,754 resale and new homes are for sale in Cleveland, as per Trulia’s site, another 5,451 homes are in some phase of the foreclosure process.

(iStock)

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The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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