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Local Housing Market On Upswing; Bucks National Trend

Wednesday, July 23, 2008

Even though housing values have tumbled and the nation as a whole is in a mortgage crisis, experts say those trends haven't hit the Alleghenies.

In cities across the U.S., values are down as much as 30 percent, but according to the largest real estate company in Western Pennsylvania, the local area is in the upswing.

Howard Hanna, of Howard Hanna realty, said home prices have to do with that people can afford. In Blair, Bedford and Cambria counties, that really hasn't changed. The job market has been steady and so have people's incomes.

The local area didn't have "run away" home prices that plunged suddenly, so home values are still slowly increasing. At present, values are up about 2 or 3 percent.

At the same time, interest rates are the lowest they've been in 20 years and realtors like Howard Hanna are offering so many promotions to ease buyers' fears.

Hanna said, with all things considered, he believes now is the time to buy.

Another local realtor said people actually seem to be more willing to commit now than they were about a month ago, and Hanna said all signs point to a good market for the rest of the summer.

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