"That ranks Pittsburgh's housing market the safest in the country regarding price volatility," he said.

The survey, which for the first time measured how much price appreciation varied over the last five years, resulted in determining the Pittsburgh market as the most stable, he said.

Also, price appreciation during the first quarter of 2007 was 2.7 percent, down from the 5.2 percent appreciation during the first quarter of 2006.

Such cities as Phoenix, Las Vegas and West Palm Beach, Fla., rank highest on the index with a 60 percent or higher chance that home prices will be lower in two years.

"What the markets with the greatest risk of decline have in common is a history of price volatility -- rapidly rising rates of price appreciation above the long-term average followed by a recent sharp slowdown in the rate of appreciation," said Mark F. Milner, PMI Mortgage Insurance chief risk officer.

"That report is terrific to hear, but I'm not surprised," said Anthony Cimino, president of the Realtors Association of Metropolitan Pittsburgh and owner of ReMax Heritage in Forest Hills.

Cimino said the region has not seen the period of price appreciation spiraling upwards, nor the opposite of that sharp declines.

"The primary reason is that we are a traditional town and have not experienced the exotic mortgage alternatives other communities have seen."

Cimino expects local housing to hold its value, although there are pockets -- such as areas where new construction has occurred or areas that have more supply than demand -- that could see some depreciation.

By Sam Spatter
TRIBUNE-REVIEW
Tuesday, June 19, 2007

When Pittsburgh does get mentioned in such surveys, it gives area promotional and economic development organizations like VisitPittsburgh and the Pittsburgh Regional Alliance more fodder for their pitches to tourist groups and companies looking to expand or relocate facilities.

So what other Top 10 lists have mentioned the city recently?

Two weeks ago, the city was rated one of the five best places for members of the so-called "Creative Class" -- a segment that fuels cultural and economic vitality -- in a study released by Kiplinger Personal Finance magazine in cooperation with former Carnegie Mellon University professor Richard Florida, who developed the "creative class" concept.

Then, Worldwide ERC and Primacy Relocation listed the region as the sixth best -- of 50 metropolitan areas with populations of 1.25 million or more -- for relocating families.

Special emphasis was given on the housing market, which has significantly impacted the relocation industry and an company's ability to transfer employees, said Michelle Vallejo, president of Primacy, The Americas.

Cities on this list represent some of the stronger real estate markets and places that are most conducive to a successful family relocation, she said.

Still another ranking, by ServiceMagic.com, said Pittsburgh has the second-best home improvement professionals. This was based on results of a survey of 66,000 customers who said they would recommend the professional they hired to a friend or relative.

It offers a Web site for consumers who want to find a prescreened home service professional.

As for other awards and recognitions, VisitPittsburgh provides the following list dating back to 2006.

• Voters at American Style magazine named Pittsburgh the Best Arts Destination in the country among mid-sized cities.
• Forbes magazine ranked Pittsburgh among the top 10 World's Cleanest Cities.
• Sperling's BestPlaces rated the area as the No. 1 place in the country for baby boomers to find love and keep it.
• Foreign Direct Land Investment magazine, an affiliate of the Financial Times, London, named Pittsburgh one of North American's top three Cities of the Future.
• Expansion Management ranked Pittsburgh among America's 50 hottest cities for business relocation and expansion.
• Wired magazine listed Pittsburgh seventh in its Top City for Geeks survey, because of its "geek-friendly" attributes, including its proximity to top-ranked engineering schools, and the number of comic book stores and Circuit City stores per capita.
• Expo Magazine's annual review of affordable cities in 2006 ranked Pittsburgh among the nation's 25 Bargain Destinations, touting it as an easy-to-walk, safe city with amenities such as the Cultural District, a variety of low-cost carriers and the free subway system.