I've paid very close attention to home values the past 5 years and
have noticed that after a small drop in value last year (2008), prices
have rebounded to new highs in most areas. I can't explain what is
happening, but I can assume that all those people who made 50K a year
and purchased $400,000 homes (and lost them) are scrambling to find
more affordable housing and pushing the prices up in modest-working
class neighborhoods. Ten years ago you could purchase a nice row home
in N.E. Philly w/ a yard for 70 to 90K. Today, these homes are selling
from 150K to 180K+. Please dont listen to the media-hype and fear-
mongering about the housing market not bottoming yet, the bottom in
Philly is over and the recovery is well underway.