Driven_To_The_Brink

Driven to the Brink

Driven to the Brink

How the gas price spike popped the housing bubble and devalued the suburbs

Driven to the Brink

The housing bubble has burst

Driven to the Brink

A sea change in energy prices

Driven to the Brink

Driven to the Brink

An historic reversal

Driven to the Brink

Some markets have experienced much larger declines

12 Month Change to January 2008

S&P/Case-Shiller® Home Price Indices

Driven to the Brink

Pittsburgh housing prices

Driven to the Brink

Driven to the Brink

Suburban households drive more miles

Source: Center for Neighborhood Technology, 2008

Driven to the Brink

Suburbs spend more on transport

Source: Center for Neighborhood Technology, 2008

Driven to the Brink

A common pattern

Driven to the Brink

Metros with weak cores had biggest prices declines

Driven to the Brink

Metros with strong cores have lower foreclosure rates

Driven to the Brink

Policy implications •  Higher gas prices have permanently altered

the real estate landscape •  The market for density and redevelopment is

growing •  Density and close-in redevelopment save

families money •  Lower VMT has economic benefits •  Exurban development may be increasingly

uneconomic in the future

Driven to the Brink

Walk Score

Driven to the Brink

For more information

•  Joseph Cortright, Impresa •  jcortright@impresaconsulting.com •  www.ceosforcities.org

Driven to the Brink

Driven to the Brink

Declines in the Suburbs

Driven to the Brink

Portland