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We’ve heard for a while that home buyers are fleeing the suburbs to move closer downtown and ditch their gas-guzzling cars. But not everyone agrees with the back-to-city trend. Peter Linneman of the American Land Fund tells Atlantic Cities:
“A few cities, and I do stress a few cities, they get a lot publicity, and a few downtowns, they get a lot of publicity. The real truth is we are sufficiently suburbanized with our retail and our job locations that the increase in energy prices doesn’t force people [into city centres] as much as people think. They’re already pretty close to where they work and where they shop, even if they’re a really long way out.”
Linneman headlined an panel on the Urban Land Institute’s forecast, which calls for a housing turnaround in 2012.