Study: Philly housing prices show first decline in 5 years
The Associated Press
PHILADELPHIA - A new study apparently confirms what real estate agents in
Philadelphia have been expecting: Home prices in the city are on the
decline for the first time in five years.
Wharton business school economist Kevin Gillen is out with his latest
quarterly survey of the city's real estate market. It covers July, August
and September.
Gillen finds that home prices in Philadelphia are dropping for the first
time since 2002, although the decline, he says, is "very modest" , only one
percent over three months.
Gillen says Philadelphia was late to the housing boom, so he's not
surprised the city is late to the downturn. He expects prices continue to
fall but at a slow pace , as he puts it, "like a feather."
The Associated Press
PHILADELPHIA - A new study apparently confirms what real estate agents in
Philadelphia have been expecting: Home prices in the city are on the
decline for the first time in five years.
Wharton business school economist Kevin Gillen is out with his latest
quarterly survey of the city's real estate market. It covers July, August
and September.
Gillen finds that home prices in Philadelphia are dropping for the first
time since 2002, although the decline, he says, is "very modest" , only one
percent over three months.
Gillen says Philadelphia was late to the housing boom, so he's not
surprised the city is late to the downturn. He expects prices continue to
fall but at a slow pace , as he puts it, "like a feather."
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