Coming soon to a town near you.
The real estate bubble is overdue for the big pop.
Doubt it but if so, that means there will be alot of deals out there. Great time to buy if it goes under.
Well pittsburgh really isn't in a housing bubble, particularly in the low end properties like this article is about a 40-50k house.
What you did have happen though was two fold, 1 an insanely high interest rate, and the fact that refi loan did not include taxes and insurance in escrow. This left the borrower with an extra $100 a month beyond the payment they had signed up for owed for taxes.
No small amount of money for those in this income bracket.
Pittsburgh is an unbelievable depressed area economically, there is very very little economic activity here. Local and state taxes destroy any incentive for businesses to move here, even though we have a relatively well educated employment base, and a cost of living and housing that is far far far below the national average.
Maybe someday the people of Pittsburgh and Allegheny County will vote some city and county leaders in with some vision and not the same old tired nonsense that's been destroying this area for 30 years at least.
At one time the city and county had money hand over fist, then the steel mills left, and the money mostly left too.. unfortunately the local governments and yes even the state government hasn't realized the money's left and scaled themselves back appropriately as well... they just keep spending and running programs like the money's still here, and its not.
Wait until it hits here in Southern California. Hopefully, I will have taken my equity and left.