Housing Prices Drop Lower as Commute Distances Rise

<p>Homes farther out from the central city and with longer commutes are being hit harder by the downturn in the housing market. Those located close to city cores and transit are faring better, according to this report from <em>NPR</em>.</p>
April 24, 2008, 7am PDT | Nate Berg
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"The ones with short commutes are faring better than places with long drives into the city. Some analysts see a pause in what has long been inexorable - urban sprawl."

"The Washington, D.C., metropolitan area has been hit hard. Prices tumbled an average of 11 percent in the past year. That's the big picture. But a look at Ashburn, Va., about 40 miles from the center of town, finds a steeper fall."

"In parts of the county, housing prices have dropped 18 percent over that same period. New construction has ground to a halt."

"At a recent auction of foreclosed homes north of Washington, in the Maryland suburbs, there weren't many takers. All of the addresses are far from downtown, and average commute times are among the highest in the nation."

"It's a different story for properties that are closer to the city's center - in areas of Montgomery County that are on the edge of Washington."

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Published on Tuesday, April 22, 2008 in NPR
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