Monday, November 24, 2008

Philly Real Estate Prices Holding Better than Most Cities in the Nation

Alan J. Heavens reported in the Philadelphia Inquirer yesterday that Philadelphia is on a lis of seven (7) cities prime for a residential real estate rebound, along with Denver; Seattle; Raleigh, N.C.; Salt Lake City; Des Moines, Iowa; and Birmingham, Ala. The full article is here's chief economist, Stan Humphries, said Nov. 13 that "it seems that Philadelphia may escape the worst of the housing-market woes affecting much of the rest of the country."
Foreclosure rates here remain well below those of other regions. Though I won't minimize the misery of people facing the loss of their homes in this area, it could be a lot worse - instead of one filing for every 2,500 houses in Chester County, it could be one in every 62, as it is in Vegas.
Let me emphasize that most mortgage loans today are not in default; it's just that the focus is on those that are.

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