Yin and Yang of Pittsburgh Real Estate Ever Again
What I am more surprised nobody has noticed is something generated via RealtyTrac and spotted in passing in reporting from the WSJ. Pittsburgh ranks near the top (not in a good way) in terms of the discounts properties being resold out of foreclosure are receiving in the market. So our post-foreclosure homes drop in value a lot, and relatively more than most everywhere else. I mentioned this over on the Pittsburgh Urban Blog and connected it to some work on Real-Estate-Owned (REO) property in the city. Likely a reflection of our lower foreclosure rate and healthy real estate market overall that those properties that actually make it to foreclosure are self-selected to be among the worst properties (value wise relative to their previous sales prices) on the market. Still a big deal for local neighborhoods.