Philadelphia's stability looks bright compared to other major metro areas
Real estate in Philadelphia, PA, continues to show signs of strength and versatility. During the housing market crisis, many major metro areas were significantly impacted, and the City of Brotherly Love was no different. The area saw an uptick in foreclosures and short sales, while employment opportunities dramatically declined. In 2012, the future of the Philly market is in question. Recently, CoreLogic released a report finding that Philadelphia foreclosure filings fell nearly 11 percent from March 2012, but they are still higher than what was noted in April 2011.
The bright light comes when economists compare the numbers seen in Philadelphia to other metro areas like Chicago and New York. While the City of Brotherly Love had 2,400 filings in April 2012, the city's number is one-fifth that of Chicago's and 400 fewer filings than New York City, The Inquirer reports.
What neighborhoods are hot in Philly?
When moving to Philadelphia, you'll want to make sure the community you're relocating to is up-and-coming and safe for families. The Fairmount neighborhood - otherwise known as the Art Museum Area - has seen some significant changes in the past two years, with residential and commercial construction projects bringing the area back to life. It is an evolving neighborhood in Philadelphia, with local bars, shops, businesses and park systems attracting homeowners and renters from all over the greater metro area.
The Fairmount community may draw a large crowd due to its entertainment options. There are several dive bars and music venues that continue to embrace crowds of locals. Krupa's Tavern, located on 2701 Brown Street, is a traditional dive bar that draws crowds of college-age customers on a nightly basis. In addition, North Star Bar on 2639 Poplar Street is a music venue that showcases an eclectic up-and-coming local music scene. From rap to rock to singer-songwriter, this venue features it all.
Prospective homebuyers looking to invest in their first homes may want to consider the Fairmount community. The are is affordable and close to several entertainment hubs, so finding something to do is easy. It may be the perfect time to buy in Philly because mortgage rates are low and foreclosures still claim properties on a monthly basis. Take advantage of the great City of Brotherly Love today before costs go any higher.