Posts Tagged ‘Upstate New York’

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Rochester topped the list of markets with the strongest signs of recovery in the housing market, a national housing data index released Monday shows.

The Housing Market Recovery Index, released by RealtyTrac, said Rochester ranked so well due to below-average unemployment, underwater and distressed sales percentages, combined with above-average drops in foreclosure activity and increases in home prices.

In addition to Upstate New York, other areas showing strong recovery are in southwest Florida and the Bay Area of northern California, while markets in northern Maryland, southeast Pennsylvania and downstate Illinois are lagging the furthest behind in the recovery.

“The U.S. housing market has clearly shifted to recovery mode over the past 18 months, with home prices consistently rising and foreclosures falling closer to pre-housing bubble levels,” said Daren Blomquist, vice president at RealtyTrac, in a statement. “Still symptoms of the distress that plagued the housing market over the past seven years continue to linger, particularly in the form of a high percentage of underwater borrowers and distressed sales.

“This lingering distress is creating an uneven pace of recovery across different local markets.”

The index was calculated based on seven different factors relating to the health of the real estate market: unemployment rate, underwater loans percentage, foreclosure activity percent change from peak, distressed sales percent of total sales, institutional investors share of total sales, cash purchases share of total sales, and median home price percent change from bottom.

Those seven factors were indexed for each market with national averages as a baseline, and all seven indexes were averaged to calculate a total recovery index.

RealtyTrac ranked 100 major U.S. metros based on this total recovery index, but data is available for more than 900 metro areas nationwide. California-based RealtyTrac is operated by Renwood RealtyTrac LLC.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.

images (4)Everyone seems to be in agreement that the 2012-2013 winter season has been an unusually long one. Us Rochestarians are certainly used to the snow, slush, wind and cold… but enough already! The short teases of warmth (okay, warm for March in Rochester) and sunshine we’ve had recently are getting us all excited about spring! And if anyone can appreciate spring, it’s those of us in Upstate New York!

We hope you will come out to The Home & Garden Show this weekend March 23rd and 24th at the Rochester Riverside Convention Center. This show will provide you with that boost of spring fever and plenty of ways to cure it! This year’s show has kitchen and bathroom galleries, , huge landscaping and outdoor living displays! You just have to come check them out. We have new stuff too, like wine tasting, and culinary demonstrations. Stop by to enjoy the Interior Design Showcase where you can visit with Interior Design Professionals and see their beautiful room displays.

We’ve added more culinary demonstrations (lots of them!) from area restaurants and seminars on things like kitchen design and even painting your own wall mural! There’s fun for the kids too including face painting and magic so bring the family!

Plan now to attend The Home & Garden Show at the Convention Center next weekend. Go to www.TheHomeAndGardenShow.com for your $2 off coupon and a look at the schedule of events. You won’t want to miss a thing!

 

Rochester

More than half of respondents to this week’s RBJ Daily Report Snap Poll oppose putting a casino in downtown Rochester. Of the 55 percent opposed, 37 percent say they strongly oppose.

The Buffalo News last week reported that the Seneca Nation of Indians wants the right to develop a casino in downtown Rochester as part of a settlement with New York in a dispute over $572 million in gambling revenue owed the state and local governments.

The published report came less than a month after Gov. Andrew Cuomo unveiled a proposal to add up to seven casinos on non-Indian land, with the first three located in Upstate New York.

Meanwhile, Finger Lakes Casino & Racetrack—one of the state’s racinos—has begun work on a $12 million expansion that will add hundreds of video lottery terminals and is part of a larger plan that envisions full casino gambling eventually.

In August 2011, 63 percent of respondents to an RBJ Daily Report Snap Poll favored legalizing private, non-Indian casino gambling in New York. The state constitution prohibits forms of commercial gambling, other than video lottery terminals. Passing a constitutional amendment requires approval from two consecutive Legislatures, followed by a public referendum.

Roughly 1,000 readers participated in this week’s poll, which was conducted Feb. 18 and 19.

Do you favor or oppose putting a casino in downtown Rochester?
Favor strongly: 23%
Favor: 22%
Oppose: 18%
Oppose strongly: 37%