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[Crack in the Bell] Philly Real Estate Declines, But Less Than Other Metro Areas

This quarterly market report is provided by Dr. Kevin Gillen, an economist at the Real Estate Department of the Wharton School and Fellow of the University of Pennsylvania. He analyzes the Philadelphia real estate market using the city’s real estate database through Hallwatch [1], a watchdog group. The results are published in a research paper called Philadelphia House Price Indices each quarter as a public service to the Philadelphia real estate community. Here’s his methodology [pdf] [2].

Kevin does a great job parsing out the market and its a pleasure to share his results on Matrix —Jonathan Miller

Download the full report [pdf] [3].

Read the Hallwatch article on the market: Decline in Home Values Accelerates: But city still continues to outperform most other large U.S. metro markets. [4]

But while the Philadelphia’ market has declined less than many other U.S. cities, the news here is still sobering:

More discussion concerning the report [Hallwatch.org] [5]. Hallwatch [1] is a private and independently maintained watchdog website that does a lot of in-depth, independent and investigative pieces on city politics, as well as real estate.