Monday, October 06, 2008
Philadelphia Area at Lower Risk of Housing Price Drops
An article in the Phildelphia Inquirer last week by Alan Heavens, cites several statistical sources indicating that the eight county Phildelphia region is likely to fare better than many other metropolitan regions over the next two years with regards to falling home prices. It cites direct intervention by the city of Phildelphia. (The city has a pilot program for mortgage foreclosure diversions). Our region also is fortunate in that we have several major medical centers and also many colleges and universities that are large employers. These types of institutions are generally somewhat recession proof.