Philly best local showing in the last decade

From the Philly Business Journal:

Philadelphia posts solid, post-recession gain in home values

Since the real estate bubble burst during the Great Recession of 2007-2009, housing markets across the country have struggled to regain their footing. Philadelphia and its Pennsylvania suburbs have bounced back much stronger than other markets in the area, ranking inside the top 40 markets with the top gains in average home prices across the country.

FHFA converts each market’s home sales prices to a quarterly index, which is pegged to a 1991 value of 100 points. Any rise in the index corresponds to an overall increase in local prices. Any drop indicates that values are declining.

Our sister publication Buffalo Business First calculated 10-year changes for the nation’s 100 biggest markets. The Philadelphia market gained 22.54 points from the first quarter of 2007 to the corresponding period this year, yielding a gain of 9.5 percent in the value of a typical home.

Roughly a third of the top 100 markets (37, to be precise) are still underwater, with average house prices that are lower today than before the recession.

The nine metros with the strongest growth rates for home values are all located in rapidly expanding states in the South and West. Pittsburgh rounds out the top 10.

Other local areas haven’t bounced back nearly as well as the Philadelphia market, with the Wilmington market sliding down 11.8 percent, and the Camden market falling 21.7 percent in the same measurement period.

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28 Responses to Philly best local showing in the last decade

  1. grim says:

    From TV 8 Grand Rapids:

    Check your address: Zillow lists false foreclosures

    Pete and Pat Hall were on vacation when their realtor called to tell them she had gotten a bite on their home.

    But the potential buyers had a concern: The house on Emerald Lake, north of Newagyo, had been flagged as a foreclosure on the popular website Zillow.

    “We didn’t know what in the world to think,” Pete Hall recalled. “We emailed (Zillow) and told them it was totally erroneous, there was no foreclosure, and we demanded that it be removed.”

    The Halls say they’ve never missed a payment on the house.

    After Target 8 contacted Zillow, the company acknowledged its mistake. Zillow removed the inaccurate foreclosure reference, but by that time, the potential buyer had moved on and word had spread.

    “It was the embarrassment of it,” Hall said, remembering how upset he and his wife were about the inaccurate listing. “When we came back from vacation, I would (tell people that) we were having problems with Zillow, that it showed our house in foreclosure, and they would say, ‘Oh, yes, we saw that. We wondered about that.’”

    That’s when they turned to Target 8 for help, and we soon discovered the Halls weren’t the only West Michigan homeowners blindsided by inaccurate information on Zillow.

    Sanders said he gets a couple calls a week from residents whose homes are erroneously flagged on Zillow.

    Among the callers was a man whose property wasn’t even eligible for foreclosure.

    “The man had a land contract that was paid off,” Sanders said. “He never held a mortgage on the property and it was reported as being foreclosed.”

  2. grim says:

    From CNBC:

    There are more renters than any time since 1965

    More people are renting than at any other point in the past 50 years.

    In 2016, 36.6 percent of household heads rented their home, close to the 1965 number of 37 percent, according to a new report by the Pew Research Center based on data from the Census Bureau. Each month the Census Bureau surveys a nationally representative sample of households.

    The total number of U.S. households grew by 7.6 million over the past decade, Pew reported. However, the number of households headed by owners remained relatively flat, while households headed by renters grew by nearly 10 percent during the same time period.

  3. JJ fanboy says:

    I spent a year in philly, I think it was on a Tuesday

  4. grim says:

    If anyone is in the area this afternoon, stop by the distillery. We’re releasing our newest bourbon – in collaboration with Flounder Brewing in Hillsborough. It’s pretty spectacular, our 4 grain bourbon finished in a cask that Flounder used to ferment their IPA (which was originally one of our used bourbon barrels). If you are an IPA fan, you’ll want to get your hands on this. Don’t worry, it’s not an over-the-top hopped whiskey – light citrus and grapefruit, floral. Limited quantities, 111 bottles, it’ll sell out today.

    This is so good, it’s going to be part of our permanent lineup, but it won’t be for at least 8-12 months.

  5. NJCoast says:

    Darn Grim I wished I lived closer to Silk City.
    I’ll be busy chasing down stupid stuff on Kansas’ rider, like filling a fishbowl with swedish fish and two gummy bears. Really? Dust in the Wind one hit wonders, sheesh.

  6. Fast Eddie says:


    Lol! Tell them they’re not the Stones, therefore not worthy of such demands.

  7. chicagofinance says:

    I hope your self-driving future involves your vehicle going off a cliff……

    The Great Pumpkin says:
    July 21, 2017 at 11:30 pm
    Our self-driving future will turn car companies into tech companies, disrupt freight, and serve you more ads, new report finds – GeekWire

  8. ex-Jersey says:

    12:38…tsk tsk tsk….ur angry. There there.

  9. The Original NJ ExPat says:

    The real reason they put stupid stuff in the rider is to see if you read it. If you remove all of the brown M&M’s they have more confidence that a lighting rig won’t fall on their head.

  10. The Original NJ ExPat says:

    Pumps – Commercial or residential?

    If I unloaded my two properties and leveraged them into a 3-4 million dollar income producing rental building, good idea or bad idea? I would have to rent(which I hate, but capital would be leveraged) for prob 4,000 or more a month, but would this make sense? Know you guys are tough critics, and want to hear your perspectives.

  11. The Great Pumpkin says:

    Expat, preferably residential. Looking to clear two hundred thousand or more in income on purchase. Not familiar at all with this level of residential income producing properties, so trying my best to not cost myself an arm and a leg to learn.

  12. The Great Pumpkin says:

    Chi, no idea why you hate me so much. I’m that kid that was born with nothing and beat the sliver spoons to their lunch. I’m your description of a hardworking personality that makes something out of nothing.

    chicagofinance says:
    July 22, 2017 at 12:38 pm
    I hope your self-driving future involves your vehicle going off a cliff……

  13. The Great Pumpkin says:

    Wife is trying to convince me of a house on urban club road, but I’m trying my best to convince her to take advantage of this 2.75% rate, or sell it all, leverage up, and rent. New house would be close to 30k in taxes…happy with the 18 thousand on the double lined county road, or as expat would say “the highway.” I can have fun too, expat.

  14. The Great Pumpkin says:

    Chi, I’m the one percent’s worse nightmare. I’m a nobody born into nothing and still taking their lunch money. Hardworking European with a knack for putting a dollar to work is tough to beat.

  15. ex-Jersey says:


  16. ex-Jersey says:

    America first — except at Mar-a-Lago.

    President Trump’s private Palm Beach club, along with one of his Florida golf courses, requested 76 visas to hire foreign nationals — in the middle of his administration’s “Made in America Week.”

    The filings came after federal officials approved an additional 15,000 of the temporary, seasonal H-2B work visas for the upcoming budget year.

  17. Blue Ribbon Teacher says:


    you have a young kid. I think it’s too big of a risk. I’d play it safe and bank away your child’s college fund. Play real estate tycoon once she’s gone to college. If you had to move out of your home and rent to get this done, it’s already too much of a risk and a sign that you have no safety net to weather any potential storms if you take this on

  18. The Great Pumpkin says:

    I thought I would get some laughs.

    ex-Jersey says:
    July 23, 2017 at 8:59 am

  19. The Great Pumpkin says:

    Good advice. Thanks. Knew this blog would prevent me from taking a big risk and putting all my equity on the line. Best place for sound advice.

  20. The Great Pumpkin says:

    Do you think it makes sense to leverage the equity only in my investment property? Just trying to figure out a way to increase passive income without taking too much risk. Maybe flip that into two or three more properties. Too much risk? Just stay the slow and steady path?

  21. Blue Ribbon Teacher says:

    The way I see it, unless you have paid off your existing properties, you already are leveraged.

  22. The Original NJ ExPat says:

    Pumps – Are you in the Mafia? Everyone else on Urban Club Rd is.

    Wife is trying to convince me of a house on urban club road

  23. The Great Pumpkin says:

    Thanks again for the solid advice. Appreciate it.

  24. Grim says:

    That’s actually a road in town?

  25. Grim says:

    What an awful name.

  26. Fabius Maximus says:

    This guy nailed it.

    Republicans may keep winning elections, but they will never be able to govern until they can grapple with these four realities. Each item on this list is measurable, provable and broadly regarded as obvious. Failure to acknowledge these four truths means being as categorically, empirically wrong as it’s possible to be in the otherwise mushy, gray realm of politics:

    1) Climate change is real and it is caused primarily by human activity.

    2) Human beings evolved from simpler life forms, and the same evolutionary process shapes all living systems.

    3) Abortion is a complex issue because it involves two legitimate liberty interests in conflict with one another.

    4) Race still skews economic outcomes in the United States.

    With great care and a willingness to avoid exposure to facts, one can live successfully in denial of these four realities. However, anyone incapable of recognizing these obvious truths should not hold public trust. Like a poorly aimed weapon, any legislation or executive action crafted in defiance of these four truths will, at best, yield unnecessary collateral damage. In many cases, it will reap calamity.

    The mental and institutional disciplines necessary to acknowledge those four simple realities are the same ones necessary for forging sound policy. Master them, and other skills will follow. Continue to deny them, and nothing good can come from Republican legislation. In no corner of America can a Republican survive a primary while openly acknowledging these four truths. Until that changes, Republicans cannot be trusted to build sound public policy. Efforts by the GOP to craft complex legislation, like an ACA replacement, will usually collapse under the weight of their own delusions. On the unfortunate occasion when Republicans do enact sophisticated laws, they will wreak havoc.

  27. Phoenix says:

    Let’s not forget about #5. This one has nothing to do with either political affiliation yet is the most important of all. It affects/controls all of the other 4 you have mentioned. This also goes back to my earlier comment about many rational people becoming “disconnected” as they have no control over this situation and are just trying to survive.

    #5 Money is power. Power is control. And those with money are never going to allow those without money to control them. At least not without a fight. With #1 and #4, you can see how easily money makes a difference. #2 and #3, think religion- a very powerful controlling factor and one that has deep ties to money also.

  28. D-FENS says:

    The only thing he nailed is the complete lack of understanding of what’s actually going on in Washington DC. Republicans are not in charge of the White House.

    Fabius Maximus says:
    July 23, 2017 at 11:56 pm
    This guy nailed it.

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