Thursday, February 07, 2008

A Dip in House Prices

A recent post on the Hall Watch blog warns that house prices across Philadelphia are starting to drop as the housing market collapses. Although so far we have not been as badly affected as other parts of the country, it is only a matter of time before we really get hit hard.

What particularly worries me is how this will affect newly gentrifying neighborhoods such as Fishtown. These neighborhoods are still vulnerable, and major fluctuations in housing prices could damage the progress that has already been made. Many businesses and new homeowners who have been trying to restore the neighborhood could find their efforts sabotaged.

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