![]() Last October, for example, six percent of the home mortgages in Southwestern Pennsylvania were underwater - where the amount owed on the loan was greater than the market value of the property itself. But while many other parts of the country are still struggling to work through foreclosures and shed the glut of housing accumulated during the boom, new home construction is coming back strong in Cranberry and property values are climbing. Even in fast-growing Cranberry Township, the number of building permits issued and new units built was subdued for a time. And the local housing resale market was affected as well. There was, to be sure, something of a slowdown in new construction, starting with the financial crisis of 2008. On the other hand, the crash that so many others experienced, never really materialized here either. Here in Southwestern Pennsylvania, we’re still waiting for the bubble to inflate. Back in the early and middle years of the last decade, there was a housing bubble that sent builders scrambling and property prices soaring in one market after another. ![]() The same thing applies to the housing market. It goes like this: because Pittsburgh always seems to be ten years behind the rest of the country, if someone were to announce that the world was coming to an end, people would flock here so they could stick around for another decade. There’s an old joke, familiar to longtime residents of the region. ![]() Residential Construction in Cranberry: It’s in full swing
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