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November 4, 2008 | |
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| by Art Carey |
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In W. Vincent Twp.,a long wait to sell homes
Stephen McLean grew up in Bucks County and watched in dismay as it was "trashed" by unbridled development and traffic. Searching for rural relief, he and his wife, Peggy, discovered West Vincent Township in Chester County. In 1998, the McLeans bought a three-story stone farmhouse on five acres just outside the quaint crossroads of Birchrunville. The house needed care and repair. McLean, 46, a carpentry contractor, built a two-story addition, tore down the old barn, and erected a two-car garage. More... |
by Dan Kristie
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Consultant outlines city's budget woes
COATESVILLE - If the city's financial conditions do not change, its general fund balance in 2013 will be nearly $14 million in the red, according to a report delivered to City Council last week by Fairmount Capital Advisors Inc., a Philadelphia-based consulting firm.
The city can only begin to have positive fund balances if all its pending redevelopment projects reach completion and attract enough residents and businesses to increase the tax base, the report indicates.
The report indicates getting into the black will require the success of unconfirmed projects such as the Flats, a commercial and residential development the city's Redevelopment Authority is working on with a private developer.
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| by Boyce Upholt |
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Main Line real-estate prices drop in 2008
The median price of homes in six Main Line townships has dropped slightly, though the area is still outperforming the rest of southeastern Pennsylvania. The weighted average of median home prices across Tredyffrin, Easttown, Newtown, Radnor, Haverford and Lower Merion townships dropped 0.9 percent to $434,695 in the first nine months of 2008. In the first nine months of 2007, median prices averaged $438,670, according to data released by Prudential Fox & Roach on Oct. 21. The number of homes sold also dropped by 22 percent. In the first nine months of 2007, 2,152 homes were sold, compared to 1,671 homes this year. In a 12-county region around Philadelphia, median prices dropped 2.2 percent in the same time period and the number of homes sold decreased by 26 percent. More... |
| by Martin Crutsinger |
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Construction spending falls less than expected WASHINGTON - Construction spending in the U.S. fell by a smaller-than-expected amount in September as a rebound in nonresidential activity helped offset further weakness in home building.
The Commerce Department on Monday reported that construction spending dropped by 0.3 percent in September, less than the 0.8 percent decline many economists had been expecting. Spending had risen by 0.3 percent in August after a huge 2.4 percent plunge in July.
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| by Al Heavens |
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Negative home equity less in Pa., N.J. Pennsylvania and New Jersey remain well below the national average in the number of single-family houses now worth less than the remaining mortgage, according to a new study. In Pennsylvania, 5.7 percent of the state's 1.413 million single-family homes had negative equity, according to the study, released Friday by First American CoreLogic Inc. It was the company's first state-by-state assessment of homes worth less than the amount of the mortgage.
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