Home Prices Drop Most in Areas with Long Commute

[phantom power]

Economists say home prices are nowhere near hitting bottom. But even in regions that have taken a beating, some neighborhoods remain practically unscathed. And a pattern is emerging as to which neighborhoods those are.

The ones with short commutes are faring better than places with long drives into the city. Some analysts see a pause in what has long been inexorable — urban sprawl.

http://www.npr.org/templates/story/story.php?storyId=89803663

[stray cat]

1. The trouble is many of us can't afford to move closer ie NYC

[dbackjon]

2. This is happening in Phoenix area

Areas like Maricopa are foreclosure city. You can buy 20 miles closer for less than what you used to pay out there.

[phantom power]

3. I live in Tempe. I haven't been out to the asteroid belts lately.

Those for-sale signs are definitely hanging around longer these days. And a lot of "for-rent" signs too, which I bet are people who can't sell for the price of their mortgage balance.

[pscot]

5. One of my neighbors is a snowbird

He owns a house in a place called Sun Lakes, which is south of Phoenix. How are values holding up in places like that?

[phantom power]

8. Not sure about Sun Lakes. Tempe isn't doing too badly.

We're centrally located to a lot of places, which makes us a fairly desirable place to move to, for reducing travel costs.

At least until the water runs out.

[dbackjon]

11. Sun Lakes is still ok

Since it is a retirement community, it was purposely built on the outskirts of town - the residents have all the services they need close by, so commuting isn't much of an issue.

[dbackjon]

12. I am renting in Ocotillo

And I know the house is now worth less than what the owners paid for it. I even got the rate reduced when I renewed - they needed to keep a renter in it to keep the bank happy.

[Aloha Spirit]

4. this lends credence to the theory that the suburbs will be the ghettoes of the future

[kristopher]

10. Suburbs or "bedroom communities" are good for mass transit. nt

[DCKit]

6. The Death of the Suburbs.

I think it was a documentary.

[XemaSab]

7. I know the answer! I know the answer!

Because people with taste prefer smaller, older, well-built houses in established neighborhoods to 8000-square foot McShit people coops out in BFE.

:D

[losthills]

9. Good.

[diane in sf]

13. The remote suburbs are where the most financially marginal bought so they

could have a decent amount of affordable living space for their families. If they could have afforded to live closer they would have. I feel very bad for them.

[kestrel91316]

14. Some of us who couldn't afford to buy close in.......

recognized that we were priced out of the market and kept renting rather than buy something that was artificially (and temporarily) cheap.

I don't have "pride of ownership", but I live in an urban village and can walk almost anywhere, and bus stops are close.