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Old 12-10-2009, 07:30 AM
 
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Here is the writeup:

Forecasting housing prices for 2010 - Dec. 9, 2009

The included map is kinda funny: a see of red with one little green island, that being Pittsburgh.
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Old 12-10-2009, 07:49 AM
 
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Wow! Pittsburgh being the only region in the entire country is absolutely amazing!
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Old 12-10-2009, 09:46 AM
 
Location: About 10 miles north of Pittsburgh International
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Actually, that's not such great news for the home building business in Pittsburgh. The fact that people moving to town often arrived with a big pocketful of money from selling their inflated home elsewhere has always helped to drive new construction here.
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Old 12-10-2009, 10:06 AM
 
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Quote:
Originally Posted by ditchdigger View Post
Actually, that's not such great news for the home building business in Pittsburgh. The fact that people moving to town often arrived with a big pocketful of money from selling their inflated home elsewhere has always helped to drive new construction here.
On the plus side, we may see more people moving here.
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Old 12-10-2009, 08:13 PM
 
Location: Philly
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I'm not sure what it means. do people really move just for rising home prices? it's good if it reflects people moving to pitt and there has been little supply added. it's meaningless if it mean there was no boom.
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Old 12-10-2009, 08:24 PM
 
Location: Macao
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Quote:
Originally Posted by ditchdigger View Post
Actually, that's not such great news for the home building business in Pittsburgh. The fact that people moving to town often arrived with a big pocketful of money from selling their inflated home elsewhere has always helped to drive new construction here.
True...BUT...I think the entire United States if oversaturated with new housing everywhere, generally in the suburbs sprawling forever outward.

Rather than forever contructing ever outwards....the NEW economy MUST go in the direction of gas efficient lifestyles...people will want to walk places if it at all possible. This is where Pittsburgh really excels at.

Being that Pittsburgh may be the few cities in the entire country that is BOTH affordable and pedestrian-friendly is what it should always focus on.

No point in trying to construct massive suburban sprawl...all of those cities that did so previously...are going to have an enormous amount of 'dead space' between the downtown and the 'new' stuff.

Personally, I think we're going to see a lot more Detroit-like cities from all the sprawl...in cities like Atlanta, Phoenix, etc.

Pittsburgh should be very thankful to survive the downsides of a short-term financial gain, long-term problem that will be affecting many other U.S. cities for a long time to come.

Just my 2 cents
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Old 12-10-2009, 08:39 PM
 
Location: Pluto's Home Town
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Quote:
Originally Posted by Tiger Beer View Post
True...BUT...I think the entire United States if oversaturated with new housing everywhere, generally in the suburbs sprawling forever outward.

Rather than forever contructing ever outwards....the NEW economy MUST go in the direction of gas efficient lifestyles...people will want to walk places if it at all possible. This is where Pittsburgh really excels at.

Being that Pittsburgh may be the few cities in the entire country that is BOTH affordable and pedestrian-friendly is what it should always focus on.

No point in trying to construct massive suburban sprawl...all of those cities that did so previously...are going to have an enormous amount of 'dead space' between the downtown and the 'new' stuff.

Personally, I think we're going to see a lot more Detroit-like cities from all the sprawl...in cities like Atlanta, Phoenix, etc.

Pittsburgh should be very thankful to survive the downsides of a short-term financial gain, long-term problem that will be affecting many other U.S. cities for a long time to come.

Just my 2 cents
Great post TB,

Yea, many sunbelt towns confused bubblenomics with sensible development. They will be sucking wind for some time

BrianTH:
Damn your eyes! You trying to torture me! Haha! Glad to hear the Burgh is not in the red..
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Old 12-11-2009, 06:03 AM
 
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So I believe the prediction is based not just on the fact Pittsburgh didn't participate in the housing boom, but also that unemployment has been relatively tame in Pittsburgh and incomes have been growing, which in turn is further helping to keep the local foreclosure rate low. All that helps stabilize home prices, but also should attract more in-migration--and there are some preliminary indications that is what is happening.
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Old 12-11-2009, 12:49 PM
 
Location: Philly
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Quote:
Originally Posted by BrianTH View Post
So I believe the prediction is based not just on the fact Pittsburgh didn't participate in the housing boom, but also that unemployment has been relatively tame in Pittsburgh and incomes have been growing, which in turn is further helping to keep the local foreclosure rate low. All that helps stabilize home prices, but also should attract more in-migration--and there are some preliminary indications that is what is happening.
in this environment, I think a low cost and moderate job growth will attract people. home price increases? I'm not so sure. in many places decreases are a good thing (provided you didn't pay too much for your house in particular). it's lowering the cost of living. OTOH, Pittsburgh may be benefitting from an increase in positive press, or even people returning home. out of the five people I knew who moved to Phoenix, three were laid off and returned to their home states.
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Old 12-11-2009, 01:00 PM
 
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Pittsburgh's real estate value increases are gradual which contributes to the overall stability of the area economy.

The increases aren't high enough that it would deter people from moving here. The property values are STILL lower here than other areas that are busting.
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