The Cincinnati real estate market is similar to a number of other Midwestern cities in terms of vital statistics, prognosis, and recent history. The nationwide economic downturn that began in late 2008 continues to plague the city of Cincinnati, although there are potentially some bright spots in an otherwise dreary economic outlook. Like numerous other large cities in the middle of the United States, such as Detroit and Chicago, Cincinnati has struggled with foreclosure rates over the last several months, although statistics seem to indicate some relief there. Trouble in the residential and commercial sectors of the Cincinnati real estate market continue to be large concerns, in some areas more than others. It appears that the residential section of Cincinnati real estate may have bottomed out, but the commercial and industrial sectors have more trouble ahead of them.
According to July 16th, 2009 article in the Business Courier of Cincinnati, the rate of foreclosures in Ohio at large and Cincinnati in particular slowed substantially during the first half of 2009. The pieced reported that “Foreclosures in Ohio headed opposite the nationwide direction in the first half of the year, dropping 15 percent from a year earlier, Realty Trac Inc. reported Thursday. The Irvine, Calif.-based company, which compiles and sells foreclosure data, said Ohio logged 589337 default, auction, and bank repossession notices in the first six months of 2009.” A July 24, 2009 article also published in the Business Courier of Cincinnati helped to put these figures in perspective - “That is an improvement, both over the second half of 2008 and against the country. The Greater Cincinnati region and the state are both seeing declines in foreclosure numbers, while nationally the figures are rising.”
WCPO 9, a Cincinnati area news station reported some positive news for the Cincinnati real estate market, revealing that in June 2009 the rate of new home sales increased by 12 percent compared to the previous month. On the other hand, the commercial sector of Cincinnati real estate is in serious trouble. According to a July 26, 2009 article in the Cincinnati Enquirer, “Office, retail space much too plentiful. Commercial real estate experts offer bleak outlook.”