Philadelphia's Economy Is Preserving Housing Values, Says Official

PHILADELPHIA (CBS) -- A new report from the Center City District and Central Philadelphia Development Corporation finds the diverse economy here has helped the downtown housing market during this recession.

Paul Levy, CEO of the Center City District, released the extensive report showing that Philadelphia isn't doing as bad as the rest of the country in terms of its housing values.

"In center city, housing values have held up incredibly well. And while production and sales have slowed down, lots of people are still buying houses, lots of people are still developing houses," he said.

Levy says that's due to the "new economy" in center city:

"The economy of the downtown, which is built around health care, education, and professional services, has done better than the region.  We've done better than the nation in terms of percentage of job lost.  So that means those people who are working in that new economy, who have the skills to be successful in that economy, who are living in and around the downtown, have seen their housing values hold up really well."

Reported by Mark Abrams, KYW Newsradio 1060.