Thursday, January 24, 2008

Pennsylvania Real Estate Market News

Sluggish housing sales are sending Pennsylvania real estate markets right into the national real estate recession, despite having markets that never got caught up in out of control appreciation.

Home sales are softening in Philadelphia and Pittsburgh after two quarters of slower growth. The national credit crunch is making it harder for buyers to get mortgages, not that there are that many buyers in the market place. Lenders in most of Pennsylvania no longer offer mortgages that require no money down, and those that are offering them most people don’t want to get.

In Philadelphia, where many financial and insurance companies make their headquarters the market has slowed, and prices are beginning to fall. Philadelphia has never been a boom to bust real estate market, but the glimmers of hope home owners had for a boom have long ended.

The five counties surrounding Philadelphia, the city that has the nickname as the City of Brotherly love is anything but that these days for home owners, who want to sell their homes. An increasing inventory of homes and condos are hitting the market daily and prices are beginning to come down. A growing majority of home owners are losing equity in their real estate.

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