Trumbull real estate up 3% after two periods of falling values

Staff report

WARREN

The first data coming out of the most recent three-year Trumbull County real-estate reappraisal show an average increase of 3 percent, county Auditor Adrian Biviano says.

That may seem like a modest increase, but compared to the 5 percent drop during the 2014 reappraisal and 7.5 percent drop in 2011, the most recent three-year period is “a really great thing,” said Marlin Palich, general manager of Northwood Realty Services of Ohio.

Palich and Biviano agree an improving economy here is driving up values compared to what occurred during the Great Recession that began in 2008 with the housing crisis.

They also agreed the real-estate market is benefiting from lenders loosening up the rules on lending on real estate.

Read more about the situation in Wednesday's Vindicator or on Vindy.com.