No Housing Bubble to Burst in Allegheny County
Across the nation, some communities have been hit harder than others by the home foreclosure crisis. The Allegheny County Department of Human Services sought to examine the issue in Allegheny County as well as in a number of other communities across the country, both in regions that were similar to Pittsburgh (such as Cincinnati and Cleveland) and in those that have been hit hardest by foreclosures (Denver and Las Vegas). The report: Home Foreclosures in Allegheny County 2006-2007; concluded that Allegheny County, and Pennsylvania more generally, have not felt the foreclosure crisis as acutely as many other regions, in part due to a number of protective characteristics.
- Conservative home-price-to-income ratio
- Local home values appreciate slowly
- Low unemployment in the area
- Incomes generally outpaced inflation
- Negative population growth in the region
- Fewer adjustable-rate mortgages