Mortgage News

Redevelopment of the urban core of more than half of the 50 most populous metropolitan areas in the U.S. is a “striking trend,” says John Thomas, an EPA policy analyst and author of a report on housing trends. Cities seeing the most urban growth include New York, Miami, Chicago, Los Angeles, Portland, Denver, Sacramento, Milwaukee and Atlanta. These cities have captured a larger share of their region’s new residential building permits than suburban areas since 2002, the study reports.

Growth in urban areas didn’t take off until developers began to build the kinds of homes that appealed to buyers—homes close to public transportation in areas with lots of amenities that meet the needs of a changing population. "Demographics have really changed," says Dan Reuter, Land Use Chief at the Atlanta Regional Commission. "People are waiting longer to get married, longer to have children, and once children are grown up, we're living longer." Source: USA Today...q