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The Ohio real estate market has some of the greatest numbers of foreclosures, and prices of homes are falling all across the state. Some investors and homebuyers are anxious to take advantage. So what is the actual outlook for this area? And how should investors proceed? Ohio has a big agricultural industry, as it's part of the "Corn Belt," and an overall large manufacturing industry. Cattle, soybeans, corn, and some fishing around the Great Lakes are some of the major agricultural and food products cultivated. Companies like Proctor and Gamble have their factories there as well. Ohio's industry has affected to show why families and homeowners as well. Although Ohio's gross state product ranks seventh in the nation at over $450 billion, per capita income is just over $30,000, which ranks of 25th in the nation. So there are large industries and manufacturing jobs but incomes are relatively low. All across Ohio, home prices are falling and are expected to continue to fall for the foreseeable future. Cleveland area homes prices are expected to fall about 12 percent. The Cincinnati, Toledo and Dayton markets are expected to fall only about 6 percent. And Columbus is predicted to see prices falling about 8 percent. Overall, investors and homeowners will want to know that foreclosures are an influential factor in Ohio real estate market right now, whereby the northeastern part of the state is experiencing the most. Foreclosures account for 1 out of every 389 properties in this area. Looking at the Great Lakes, Erie County fared much better for the homeowner, with only 150 properties in foreclosure, which amounts to 1 out of 542 homes. Further west in Lucas County there are more, with 1 out of every 264 properties in foreclosure. Eastern Ohio near the border has been relatively unscathed by foreclosures, and parts of the state towards the southern border counties have been be mostly unmarred as well. So the state's economy is roaring at the top, which is good for the economy, but the workforce is still struggling. There are foreclosures available, which means the market offers many opportunities for investors and homebuyers. If you're looking to invest, you should investigate your options here.
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