Pittsburgh Bank Foreclosures Slow Down as City Flies High

by on cities

Pittsburgh bank foreclosures continue to drop in number as the city continues its successful transformation from a place battered by the collapse of its manufacturing enterprises to a city flying high with its mix of growing steel, biotechnology and clean energy industries.

The city was even chosen by President Obama as the site of the summit of G-20 leaders in September to showcase the success of Pittsburgh in rising up from its difficulties.

According to Pittsburgh-based real estate information provider RealSTATS, home foreclosures in Pittsburgh dropped by nearly 20 percent compared to foreclosures in 2008.

In the Pittsburgh metro area, which covers the counties of Allegheny, Butler, Beaver, Westmoreland and Washington, foreclosures peaked in 2006 with a total of 4,337. Since then, foreclosures continued to drop every year. This year will be the third straight year that foreclosures decreased, according to RealSTATS researchers.

Foreclosures in Allegheny County dropped by nearly 12 percent between the years 2007 and 2008. Only Washington County saw an increase year over year. This year, Washington posted 326 foreclosures, an increase of 2.2 percent from the 319 foreclosures posted in 2008.

The biggest drop occurred in Westmoreland, where foreclosures fell by more than 32 percent. Foreclosures in Butler, Allegheny and Beaver fell by 24.2 percent, 22 percent and 5.4 percent, respectively.

Because of the continued drop in Pittsburgh bank foreclosures and the city’s stunning transformation, Pittsburgh was voted second best city in the country to launch a business.

According to Fortune magazine, Pittsburgh offers all the types of skills needed by businesses to start, thrive and grow. It said that the steelmaking history of the city has provided workers with manufacturing skills not commonly found elsewhere.

Fortune said that Pittsburgh offers a blend of highly skilled machinists and highly educated professionals from the universities of Pittsburgh, Duquesne and Carnegie Mellon. The existence of higher-education institutions in the city provides businesses with experts in health care, robotics and artificial intelligence.

The easy access of Pittsburgh to major east-west and north-south interstate highways are also a big help to enterprises that need links to access distant suppliers and to reach distant markets.

Another positive factor working for Pittsburgh is the high level of entrepreneurship and innovation in the city. Businesspeople said they are able to innovate because of the city’s strong workforce, low crime rate and reasonable wages.