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Well I can only speak from personal experience from what I've seen in Philadelphia. The market is still too hot. Houses that marked for 225-275k 3 years ago are now 325-375K. People who left Philadelphia for bigger homes moved the surrounding suburbs from PA, Delaware and New Jersey. Many New Yorkers fled NYC for its high cost of living, high taxes and other reasons down to Philadelphia. So for the last two years we've just about gained back the same amount of people we've lost.
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