Take advantage of affordable housing in Philadelphia
In 2011, Business Insider ranked Philadelphia the eighth most influential city in the United States. It noted the city provides 2.4 percent of national gross domestic product (GDP) and 2.1 percent of the nation's jobs, so moving into real estate in Philadelphia, PA, may be worthwhile.
However, the housing market in the United States has been in a state of flux for several months, and April 2012 was no different. First quarter results came in, showing foreclosure activity increased from the fourth quarter of 2011 in 26 out of the country's 50 largest metro areas, the Wall Street Journal reports. Philadelphia saw a 30 percent uptick in foreclosure activity in the most recent quarter, introducing new distressed properties to the housing inventory in the City of Brotherly Love.
Homebuyers looking for affordable housing options may want to consider investing in these homes, as short-sales often provide significant discounts. The Department of Numbers found the median asking price for a home in Philadelphia was approximately $174,999 at the end of April, which is up 3 percent month-over-month, but down 5.4 percent from last year. Buyers looking to purchase a home in the region may be able to take advantage of affordable deals.