Driven to the Brink Driven to the Brink How the gas price spike popped the housing bubble and devalued the suburbs
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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 • [email protected] • www.ceosforcities.org
Driven to the Brink
Driven to the Brink
Declines in the Suburbs
Driven to the Brink
Portland