Yin and Yang of Pittsburgh Real Estate Ever Again

Yet another ranking showing the Pittsburgh region as just about the only place in the nation with increasing real estate prices year over year. See this press release: Summer’s Last Stand: Clear Capital(R) Reports U.S. Home Prices Increase 4.0%. The headline there is about some decent quarterly numbers for the nation and a lot of regions, but year over years Pittsburgh’s +3.9% stands out.   The +9.5% quarter over quarter they are showing is pretty remarkable in itself. This is Pittsburgh right?

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.

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