5 Cities Where The Housing Bust Won’t Let Go

Map of Pennsylvania highlighting Philadelphia ...

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

Poverty In Reading Worsens, Census Says

English: Downtown Reading, Pennsylvania; with ...

English: Downtown Reading, Pennsylvania; with Berks County courthouse on left; July 2007 (Photo credit: Wikipedia)

Reading’s poverty rate worsened in 2012, making it the second most impoverished city in the country behind Detroit.

The percent of city residents in poverty increased from 40.1 to 40.5, according to statistics released today by the U.S. Census Bureau.

That’s less than the 41.3 percent of Reading residents who were in poverty in 2010 when Reading had a higher percentage of residents in poverty than any other U.S. city with 65,000 or more people.

But hope for Reading still exists, said Jane Palmer, principal author and coordinator of the 65-page 2011 report of the Rebuilding Reading Poverty Commission.

Read more: http://readingeagle.com/article.aspx?id=512690