Far-flung suburbs suffering during housing slowdown
How far is your commute to your job? Is it longer than 40 minutes each way? If it is, don’t be surprised if the value of your home has fallen.
This story in BusinessWeek explains that homes in the farthest-flung suburbs — those built on the far fringes of major U.S. cities — have been hit hardest by the housing downturn. It’s little surprise: During the housing boom of 2001 through 2006, developers rushed to find any parcel of open land, even parcels located an hours drive or more from the nearest big city.
When housing prices were skyrocketing during the boom, this, sort of, made sense. Today, as housing prices drop, it doesn’t. So if you’re looking to buy, consider living closer to the big cities, unless you’re actually looking forward to losing value on your home.
Tags: BusinessWeek, far-flung suburbs, houisng values, housing slump, suburbsRelated Stories
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