Housing Market Strong in Pittsburgh?
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The title may be slightly misleading, as strong is probably too strong a word to use, but the fact is that while nationwide home prices fell nearly 5% nationwide in 2008 (some estimates put this at closer to 8%), here in Pittsburgh home prices actually rose by about 1%.
There are a number of reasons which could account for Pittsburgh having a stronger housing market than other areas of the country, and the truth is likely a combination of all of them, but the bottom line is that local banks have been more conservative in their lending practices and that leaves them in a stronger financial position than many national institutions and the local economy hasn’t suffered quite as bad as on the national level which means less borrowers have found themselves unable to stay ahead of their debt.
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