The housing bubble’s “drive until you qualify” standard is over, according to David Stiff, chief economist of Fiserv Lending Solutions. Developers, governments and buyers alike are being forced to respond. As gas prices reach painful levels, the cost of commuting is devastating the value of suburban homes. Meanwhile, homes near urban centers and public transit continue to sell, and even see an increase of up to 10 percent in some places. According to a CEOSforCities report, this “is a huge opportunity for urban economic development if public policy responds.”
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