Pittsburgh was lucky enough to avoid Forbes’ list of the 10 most miserable cities. If you check the comments from Pittsburgh residents on some of the articles that have painted Pittsburgh as an up and coming city that has rejuvenated itself following the collapse of the steel industry, you might be surprised that some cities managed to beat its misery level. But Chicago, Cleveland, Detroit, and Buffalo all managed to be among the most miserable, while Pittsburgh escaped unscathed.
That wasn’t the case in the real estate market, despite its designation as one of the best real estate markets in the country. The number of real estate projects around the Pittsburgh area canceled or placed on hold in January was pretty depressing. I did a brief search for news articles about Pittsburgh condominium projects and the results weren’t pretty at all. It will be interesting to see whether it simply reflects the decreased demand for housing and tough lending environment, or if it signals the beginning of the decline of the Pittsburgh real estate market.