On a national level, the housing slump is hurting the nation. That sucks. It makes me really happy I sold my condo in Connecticut to buy a house in Pittsburgh.
Unfortunately, the Post-Gazette appears to have gotten jealous of all the press other papers around the country are getting about the disastrous housing slump and wants to scare us here in Pittsburgh.
Their disastrous result: It's going to be more difficult to get a mortgage.
I, for one, am thankful that mortgages won't be growing on trees anymore. One of the major causes of the housing bubble was people being able to buy houses they couldn't afford with ridiculous mortgage options - and trying to prevent that from happening here can't be a bad thing. I don't ever expect to make a 100% profit on my house in Pittsburgh like I made on my condo in Connecticut. That's not why I bought my house. I bought it because I fell in love with its view and its character and its great location in the South Side Slopes.
I guess I'm rambling, but my point is. Post-Gazette, quit it with the fear-mongering. The Pittsburgh real estate market is in a pretty good place. Hopefully, in the future, we'll be able to continue to avoid the mania which swept the coasts of this country. This is a good thing.
The Hubris of Social Science
1 day ago