These Cities Are In Line for a Rebound

Have we reached bottom? In many cities, knowledgeable observers say yes.

In October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By this May it was 5.7 times, just about the historical norm. Home inventories have flattened. The decline in sales has ended – and in some places sales have expedited.

“The indicators are starting to look better,” says Adam York, an economic analyst with Wachovia.

Here are seven markets that SmartMoney magazine says are in line for a rebound:

  • Seattle
  • Raleigh
  • Des Moines
  • Philadelphia
  • Denver
  • Birmingham, Ala.
  • Salt Lake City

Source: SmartMoney (11/01/08)

Philly Offers Mediation Foreclosure Program

A pilot program that will be rolled out soon in Philadelphia as part of Mayor Michael Nutter’s plan to curtail foreclosures will mandate that home owners and lenders engage in mediation.

According to County Judge Annette Rizzo, “It will give people an opportunity to be heard, and give them the opportunity to stay in their homes or gracefully exit.”

Residents will learn of the $2 million program through a public service announcement. The city already imposed a moratorium on sheriff’s sales in April and May to address the foreclosure crisis, which is expected to involve 8,500 homes citywide this year.

Source: Associated Press (06/05/08..)