Vacancy rate dropping in Philly
One of the gravest repercussions from the housing crisis of the late 2000s is an enduringly high vacancy rate. For several years, cities across the country have been seeing a high percentage of their homes lie fallow due to foreclosures, which hurts both the cities and their residents. However, in the last few months, many regions have seen their rates drop, a sign that buyers have once again begun entering the market to combat shrinking supply.
The City of Brotherly Love is an example of this positive trend. In fact, people considering buying one of the houses for sale in Philadelphia, PA, may want to act fast because the city's vacancy rate is one of the lower levels in the country.
While vacancy rates remain high in hard-hit cities such as Detroit - where they are hovering around 12 percent - those in Pennsylvania, especially the Philadelphia metro area, have stayed relatively low and are dropping. According to data from the Postal Service, the City of Brotherly Love's vacancy rate stands at 2.7 percent, which is down from 2.8 percent last year.
Now may be a good time to consider searching for a home in Philadelphia before housing stock in the metro drops any more.