New York Housing Market Lags Behind Others

September 17, 2012 / Samantha Bartolata, Editor in Chief

NY housing is among that of the twenty major cities where the S&P Case-Shiller Index tracks property values. In those twenty cities, values went up by an average of 0.5 percent in June 2012. This increase was reflected in the June 2012 prices as compared to the same month in 2011. Although this is the first time there was an increase since September of 2010, New York is not progressing as quickly as other major cities.

New York Housing Market Lags Behind Others

In fact, the NY metro area was one of six out of the twenty that saw a decrease in those property values. They dropped 2.1 percent compared with 2011. The CEO of a prominent real estate appraisal service reports depletion of prices over the past two year period. The reduction in prices occurred in Long Island, Fairfield, Northern New Jersey, Westchester and one county located in Pennsylvania.

Nationally, indications are that the housing market is going through a recovery. It is attributed to a rising demand for property and the still historically low interest rates. The chairman of the S&P index committee reports that things have apparently turned around in the real estate industry. The index rose by 6.9 percent over 2012’s first quarter.

Other good real estate related news shows foreclosures declining on the national level. In July of 2012 in the United States, 58,000 foreclosures were completed. In July of 2011 there were 69,000. There were about 1.3 million homes in the inventory of national foreclosures as of July 2012. This was an improvement over the 1.5 million that existed in that inventory in July of 2011. The 2012 percentage was 3.2 and the 2011 percentage was 3.5.

There was no change in the national foreclosure inventory between June and July of 2012. In the opinion of Anand Nallathambi, CEO of CoreLogic, this trend of reduction in completed foreclosures is a good sign for the real estate market. It is a definite indication of recovery.

This opinion is not based on NY housing trends, but rather on the preponderance of cities that do show that foreclosures are on the decline. Experts analyzing the situation base their opinions on what is happening in the majority of the cities being assessed.

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