Map of Pennsylvania highlighting Philadelphia County (Photo credit: Wikipedia)
Editor’s note: Allentown also made the list 😦
No. 4 lagging market: Philadelphia
Score: 82.7
Homebuyers aren’t showing the Philadelphia metro area much brotherly love, with the market trailing U.S. averages in almost every metric that RealtyTrac looked at.
Blomquist says Philadelphia housing is doing a particularly bad job of attracting institutional investors, defined in the study as any company or individual who buys 10 or more properties a year anywhere in America.
RealtyTrac found that such buyers account for just 3% of property deals in Philadelphia, compared with 9% nationwide. “Philadelphia is a market that institutional investors are just not very interested in.”
Philly has also seen a sub-par 32% decline in foreclosure filings, while median home prices have rebounded only a below-average 16% from their March 2012 bottom.
Read more: http://business-news.thestreet.com/philly/story/5-cities-where-the-housing-bust-wont-let-go-0/1
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