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Pittsburgh, Pennsylvania: Almost 1/5 of Existing Homes Are In Foreclosure

Pittsburgh, Pennsylvania is the 2nd largest city in the Commonwealth of Pennsylvania. It is also the 22nd largest urban area in the nation. It is known as the “Steel City” because of the many bridges that are located within the area. It was home to the first Big Mac in 1967. 1 in every 842 homes in Pittsburgh received foreclosure filings in August of 2010. Almost 1/5 of the existing homes, 136,579, are on foreclosure listings. This includes 3,954 homes in foreclosure as well as another 250 that are in pre-foreclosure and in auction proceedings. Market value of homes has decreased slightly since January 2010 to $141,320. Today's economy is based largely upon technology, healthcare, education, and financial services.