Everyone in Ohio has a good idea as to how appalling the foreclosure situation is. Even Congresswoman Marcy Kaptur is calling homeowners to squat in their own houses unless they receive a court order. This is in response to a series of foreclosure flipping in most counties. The property market in Ohio is in need of some serious repair but as it applies to all cities, a national plan must take effect first.

In Cleveland, the cost of living is fairly reasonable despite the urban lifestyle of residents. But the national crisis is contagious. The local real estate industry has brought home prices tumbling, showing their vulnerability to national trends. Cleveland’s buyers are not seeing bottom prices yet and until the market is corrected, more sellers would be forced to short sell.

Another general observation is the waning consumer confidence in the state. Foreclosure cases may be rising but several buyers are benefitting from these houses that some have fallen into disrepair already. This year though, expect more gluts in the existing housing supply. RealtyOutlook.com expects home prices to sink by 13.5 percent in Cleveland.

After dismal sales in the auto industry, the Auto Parts Capital of the World has its economy shaken up like never before. Manufacturers General Motors and Chrysler in Toledo are facing a tougher year even when oil prices are enough to encourage car ownership. Even the retail establishments are declaring weaker balance sheets. This translates to heavy job losses for the city as well. As more homes will be put to foreclosure, Toledo’s general home values are expected to fall by 10 percent in 2009.

Dayton, home to two large universities and a number of community colleges, can expect student-driven demand for housing to sustain property activity in the city. Even though home purchases are retarding and foreclosure rates are spiking, Dayton is poised to withstand the crisis much better than other cities. Thanks to the Wright-Patterson Air Force Base that houses the Air Force Institute for Technology, a steady demand for housing is expected. Still, RealtyOutlook.com expects home values to plunge by 10.5 percent this year.

The Greater Cincinnati area has developed into a boomtown more than a decade ago. A part of this surge is heavily reflected in its real estate market where condominiums and other housing units sprouted all over the area. But automobile sales and retail revenues have eased to slack figures, eventually debilitating the real estate industry. Home prices are expected to fall by 7 percent.

Columbus’ home sales are turning sour as months pass by. With the continued price depression among homes, buyers are taking advantage of plenty bargain units. RealtyOutlook.com projects home values to further decline by 11 percent in the second quarter.

In spite of the recession, several Columbus-based firms are showing no signs of adverse impact. Research institutes, software firms and fast food chains remain resistant to shocks. If consumer turnout lingers, the city’s economy won’t be hit as hard as predicted.