Regional housing markets continue to strengthen, according to the Cleveland Fed’s Community Stabilization Index (CSI)
The continuing decline in the stock of real estate owned, or REO, properties indicates that housing markets are continuing to improve in the Cleveland Fed’s District, which comprises Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky, says Brett Barkley, senior research analyst with the Federal Reserve Bank of Cleveland.
For the first time since the inception of the Community Stabilization Index in 2009, the median value of originations and refinances increased in all of the 15 metropolitan statistical areas (MSAs) tracked, and originations activity is up everywhere except the Lima, Ohio, MSA, according to the December 2016 update of the CSI.
However, Barkley notes that in some of the hardest hit zip codes, originations activity and the median value of those originations have not experienced a sustained positive trend, a reality visible via the CSI’s interactive maps.
To learn more, read Regional Housing Markets Continue to Strengthen, Updated Index Reveals
The December 2016 update to the Community Stabilization Index zeroes in on locales that received and disbursed large amounts of federal Neighborhood Stabilization Program funds.
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.
The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Doug Campbell, email@example.com, 513.455.4479