Housing Imperils Job Gains…But Not In Philadelphia
Got a great email from Larry Flick today referencing a recent Wall Street Journal article titled “Housing Imperils Job Gains”. If this housing downturn has taught us anything it’s the REAL ESTATE INDUSTRY IS LOCAL like the weather. What’s happening in Florida, Nevada, California and elsewhere has little or no effect on our local housing market. Here’s a segment of the email from Larry:
“Housing Imperils Job Gains” – what a grim headline! Yet the Wall Street Journal pronounces this to be a general fact. It’s another example of how the press generalizes real estate markets and bases headlines on areas of the country that are most adversely affected. The article explains how “price slumps” are keeping workers who want to relocate “tethered” to their present homes. In other words, those with negative equity in their houses are less apt to relocate to accelerate in their career track. Yet, when we look more closely at the article, we see this doesn’t apply to our area. In fact, of all the locations listed, the Philadelphia metro area is one of the best performers in the country both in Share of Homes with Negative Equity and Unemployment Rate”
Please remember when you see headlines like this that they don’t necessarily apply to our area!
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Blog post compliments of CenterCityTeam’s Philadelphia Real Estate Blog
Frank L. DeFazio, Esquire
Prudential Fox & Roach Realtors – Society Hill
530 Walnut Street, Suite 260
Philadelphia, PA 19106
215.521.1623 Direct
610.636.4364 Cellular
888.308.1148 Fax
[email protected]
CenterCityTeam.com: Philadelphia Real Estate
