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Demand for real estate from overseas buyers rose 10 percent in 2008, but demand is set to drop, according to a recent survey.

An interesting situation is brewing in the Cleveland real estate market wherein the large number of properties up for foreclosure has caused home prices in general to sink to lower levels. This early in 2008, a number of banks and lending institutions have already begun to unload properties at incredibly low prices. In fact, the current median home sale prices in the city has fallen to 75 percent. In comparison, the median prices in the first six months of 2007 ranged from around $62,000 to $15,500.

After many months of deliberations, the Senate finally passed a housing bill in a special Saturday session of Congress to come to the aid of the widely troubled real estate market and struggling government-backed mortgage companies, which have been pressing the government for aid since September of 2007.