(To read more on the multifamily market, click here.)

PHILADELPHIA-No housing bubble is about to burst here, insistedPaul Levy, president of Center City District, during a pressconference in which he released CCD's annual residentialreport.

Levy acknowledged "a few developers now reporting that they areputting proposed projects on hold" has resulted in "media hyperboleabout bursting bubbles." The delays signify "a slowing of themarket," he says. "The sky is not falling. The demand for CenterCity housing is quite strong and quite sustainable."

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