Friday, April 03, 2009

Same old real estate story

Mostly the same story, but the PMI index measuring the risk of real estate prices declining in the coming year is out for the 4th quarter of 2008. Again Pittsburgh does well, but with a twist. Now with oil-inflated Houston doing a tad bit worse than previously, Pittsburgh is now showing up absolutely last on the list, meaning the local real estate market is the least risky among all the areas they are looking at. See the full report here. I have to admit I have not looked into the benchmarking on CNN earlier in the week to see if it comes from the same source.

Some metrics like this you really wonder if they mean so much.... could prices decline here? sure, and who really knows what the coming year will bring given all that is going on. But my real estate friends assure me that this index is actually used by mortgage underwriters which means it has a real on the ground impact in regional real estate markets. I am not sure if there is any research on this out there, but if this report does influence financing then its accuracy is a bit endogenous... Oh.. forget that, it's just a good thing... at least it's better than if it said we were at a high risk of local real estate prices declining.


Anonymous MH said...

But we are apparently the 3rd worst city for hair.

I can't believe they wrote that article without using the word "Mullet".

Friday, April 03, 2009 10:06:00 AM  
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Tuesday, April 07, 2009 3:25:00 AM  
Anonymous Elwin Green said...

Pittsburgh has - topped? bottomed? - the PMI list before. On at least one occasion, I wrote about it:


Thursday, April 09, 2009 2:49:00 PM  

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