I'm here in Brooklyn, New York. Statistics released this morning show that foreclosures are up in the country, but also in New York (which many thought could escape the national housing crisis). Of the five boroughs, Staten Island is faring the worst, and Brooklyn the best. Pittsburgh of course is also suffering in this respect (called "undervalued" and "safe" a few short months ago). Still after years of construction investment in high-end residential properties, New Yorker's with less than high-end incomes are facing paying increasing percentages of their incomes to rental housing, and Pittsburgh remains quite affordable. I am able in part to finance my existence in New York with rental properties in Pittsburgh. While Pittsburgh won't escape the housing crisis, it is far from being among the hardest hit areas and investments there remain a viable option for those in higher-priced markets to supplement their income.
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