5 Cities That Aren't Seeing a Housing Recovery
No. 4 lagging market: Philadelphia
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.
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