In comparison to many the other “glamorous” locations such as L.A. or  Las Vegas which each saw outstanding gains and then even greater losses. Philadelphians’ are inclined to grow up here and also stay here. We did not encounter that run of people moving in nor the mass exodus out.

One additional element is the regional job market. A number of the principal employers in Philadelphia are Educational institutions, hospitals and pharmaceutical organizations, comparatively steady markets. In spite of the fact that we did not acquire as many employment opportunities as a number of areas we did not lose as many either.

Mark Zandi, Moody’s Economy.coms’ chief economist thinks there is also a cultural factor at work here. “Philadelphia homeowners and lenders tend to be more conservative and suspicious of taking big risks”. More than that, however, “there are no significant supply constraints in the broad Philadelphia housing market. If housing demand picks up, builders can quickly put up houses and compete away any substantial house-price gains”

In the near future several local industry observers think stable prices will most likely continue. The moment of actual truth will come they believe when the present home buyers’ tax credit ends on April 30.

Kevin Gillen, VP of Econsult Corp. in Philly said ” If home prices don’t resume their downward slide, then we can pretty much say we’ve hit the bottom. He also stated “I wouldn’t expect any sharp rebound, but I wouldn’t expect any further big declines, either. While other cities experienced a housing boom Philadelphia experienced a housing nudge.”

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