The Pittsburgh real-estate market is so bad that it could collapse in the next few months, according to real estate agents and analysts.
The real estate crisis is just beginning, and it could hit hard in the coming weeks, months and years, said Matt Besser, a former chief economist for the Pittsburgh region who has recently been appointed as the new director of the Pittsburgh Metropolitan Chamber of Commerce.
The Pittsburgh region is among the worst-performing regions in the nation, with the median home price hovering around $230,000, according an analysis by real estate site Trulia. “
This could be just the beginning,” BESSER said.
The Pittsburgh region is among the worst-performing regions in the nation, with the median home price hovering around $230,000, according an analysis by real estate site Trulia.
It’s also one of the most expensive cities in the country, with a median home cost of $200,000.
According to Trulia, the region’s median household income is $50,000 lower than the national average.
The real-tourism boom is so intense that even Pittsburgh’s city government has been forced to cancel trips and even to re-examine its public transportation plans, according a report by the Pittsburgh Post-Gazette.
The city is looking at a $1 billion deficit in 2019, the report said.
In a letter sent to the mayor, city officials called the region “the most expensive metropolitan area in the United States” and urged him to “immediately end this trend” and stop cutting funding to public transportation.
The mayor said he plans to address the shortfall through “aggressive investments” in the region and announced plans to spend $1.6 billion to upgrade Pittsburgh’s transit system and add more parks and trails.
The money would come from a new city-wide tax, according the Post-Dispatch.
But BessER says there are plenty of signs that the region is headed for a crash.
I think we’ll see a significant crash in Pittsburgh realtors, BessERS warning to the city.
I think there’s a very real possibility that it will be the biggest real estate collapse in U.S. history, he said.
“We will see a massive spike in demand for homes that are built in a city that has been in decline for years.”
In January, BESSERS said the region was seeing a “significant spike” in home-price demand.
And in July, he wrote a piece for The Wall Street Journal in which he argued that Pittsburgh is experiencing “the highest real estate decline in the entire country.”
But many experts agree that the city’s situation is more complicated than that.
Even with a boom in the Pittsburgh area’s real-property market, it’s not a great place to start a family, according Dr. Richard Ecker, director of Pittsburgh Regional Economic Institute at the University of Pittsburgh.
“You have a big, expensive, low-density housing market, and you have a huge influx of people in and out of the area,” he said in a phone interview.
If you look at the number of people moving to the area and the number moving out, it doesn’t seem like Pittsburgh is doing a very good job of keeping up with the population growth.
“If the real estate slump is a sign of things to come, it could be a good sign for Pittsburgh’s future, BessesER said, because it could provide the region with a lot of room to grow.
“I think that the overall market is very strong right now, and I think Pittsburgh will continue to grow and prosper as long as it has a strong real estate base.” “
There’s always room for growth, and Pittsburgh is certainly a very strong place to grow,” he wrote.
“I think that the overall market is very strong right now, and I think Pittsburgh will continue to grow and prosper as long as it has a strong real estate base.”
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