Rochester real estate market (Syracuse, Naples: sales, foreclosure, for rent)
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Headline reads well, but I agree with the analysis: Don't get too excited yet. This thing has not hit bottom yet (nationally). Still, it could be worse (and is in many places).
I'm not sure I understand exactly, sort of though.
Are they, and you, saying only by lowering prices is the market moving at all?? Can that be a good thing?? Sucks to be the seller of coarse but is movement in the market a good thing?? Or are flat sales somehow a sign of stability or some crap??
On a side note I did find out when looking to see how Syracuse is doing that NY state has the lowest rate of home ownership in the US. I did not know that but would guess NYC throws the numbers??
I'm not sure I understand exactly, sort of though.
Are they, and you, saying only by lowering prices is the market moving at all?? Can that be a good thing?? Sucks to be the seller of coarse but is movement in the market a good thing?? Or are flat sales somehow a sign of stability or some crap??
On a side note I did find out when looking to see how Syracuse is doing that NY state has the lowest rate of home ownership in the US. I did not know that but would guess NYC throws the numbers??
Correct, as NYC skews the numbers in regards to a lot of things, good, bad or indifferent, for the state.
Interestingly, the major Upstate metros have some of the lowest foreclosure rates out of the top 100 biggest metros in the country. So, you are more apt to stay in your home in Upstate NY.
The scoring is like this: At the year 2000, the score was 100. The 20-city average is now at about 140. That's still a 40% increase! And you can easily argue that 2000 was several years into the boom (which really started around 1996 - depending on the city). So while we are 30% under the 2006 peak of 200, there is still a long way to go until this market is "normal".
Correct, as NYC skews the numbers in regards to a lot of things, good, bad or indifferent, for the state.
Interestingly, the major Upstate metros have some of the lowest foreclosure rates out of the top 100 biggest metros in the country. So, you are more apt to stay in your home in Upstate NY.
That's partly cause the banks are still holding bad paper off the market so the prices don't implode!
You stay put in Upstate cause the market was never as "dynamic" as say Las Vegas or Naples Fla. The CDS market was not in full swing here due to the economy. Nothing to celebrate really...
A healthy rate of appreciation in single family homes tends to track the inflation rate. If you assume a 2.5% rate of annual inflation in the eleven year period between 2000 and 2011 the 20 city index should stand at 131.2.
That's partly cause the banks are still holding bad paper off the market so the prices don't implode!
You stay put in Upstate cause the market was never as "dynamic" as say Las Vegas or Naples Fla. The CDS market was not in full swing here due to the economy. Nothing to celebrate really...
Or to get upset about. Hence the even, steady market versus the big highs and lows.
If you were looking to buy a house, hold onto it for a little while, and sell it for a nice cash profit back in the early 2000's....Rochester was not the place to do it. However, if you were looking for a place to buy a reasonably priced home that you could live in long term OR make significant updates to it as a long-term investment; Rochester is and always has been a fine place to take advantage of the real estate market. This metro has one of the highest home-ownership rates in the country for that very reason.
Yes, there were a significant amount of people who bought homes in the sunbelt back in the boom years and were able to make massive profits after selling them quickly...however that is a very glamorous minority. Many many many more homeowners in those former boom areas now find themselves owing FAR more money on their house than it will be worth any time in the foreseeable future and are facing major financial problems and/or foreclosure because of it.
If you were looking to buy a house, hold onto it for a little while, and sell it for a nice cash profit back in the early 2000's....Rochester was not the place to do it. However, if you were looking for a place to buy a reasonably priced home that you could live in long term OR make significant updates to it as a long-term investment; Rochester is and always has been a fine place to take advantage of the real estate market. This metro has one of the highest home-ownership rates in the country for that very reason.
Yes, there were a significant amount of people who bought homes in the sunbelt back in the boom years and were able to make massive profits after selling them quickly...however that is a very glamorous minority. Many many many more homeowners in those former boom areas now find themselves owing FAR more money on their house than it will be worth any time in the foreseeable future and are facing major financial problems and/or foreclosure because of it.
especially overbuilt overdeveloped areas like Charlotte -will it ever recover? What were those geniuses thinking? (besides undbridled greed?)
BofA is toast.
If you were looking to buy a house, hold onto it for a little while, and sell it for a nice cash profit back in the early 2000's....Rochester was not the place to do it. However, if you were looking for a place to buy a reasonably priced home that you could live in long term OR make significant updates to it as a long-term investment; Rochester is and always has been a fine place to take advantage of the real estate market. This metro has one of the highest home-ownership rates in the country for that very reason.
Yes, there were a significant amount of people who bought homes in the sunbelt back in the boom years and were able to make massive profits after selling them quickly...however that is a very glamorous minority. Many many many more homeowners in those former boom areas now find themselves owing FAR more money on their house than it will be worth any time in the foreseeable future and are facing major financial problems and/or foreclosure because of it.
Great analysis. Feeding into this, too, were speculators who bought homes at various parts of the spectrum, say several starter patio homes for X $$$ each, and expected to cash out maybe by '08 or so and make a handsome profit, all the way to higher-end stuff here in the Sun Belt in the $300K+ range ($500K+ in places like Charlotte and Atlanta). They would rent the houses, then expected to cash out and make big profits. We're talking rents anywhere from $1200 to $3500+++/month. The demand for housing was so high people would rent for a year or two before buying a (an overpriced) house, pushing up rents and the demand for rented housing. Then the bottom fell out...
12 Buttons brought up Charlotte: Still an overpriced market, but, boy oh boy were they hit hard by the downturn, due to the housing bubble and the fact so many there were/are dependent upon financial industry jobs. Imagine waking up one day to find out the Lowe's which opened up a year ago down the street from you, shut down. I think they had a Wal Mart or two which closed, too, due to the sudden and awful contraction in the local economy.
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