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Buffalo Distressed Properties for Sale Numbers Continue to Rise

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By : Allana Castro    99 or more times read
The second half of 2010 is expected to herald further increases in the number of Buffalo distressed properties for sale and foreclosed properties in various areas of New York if the first half performance of the state's housing market is to be used as basis.

According to latest housing industry statistics, the number of distressed homes in New York and foreclosure filings in almost all metro areas of the state rose by an average of 28% during the January-June 2010 period. The increase is based on a comparison with the same period of 2009. In the whole United States, filings for foreclosures among metropolitan cities rose by 75% during the first half of the current year.

Real estate market analysts have stated that the expanding list of distressed houses in the state, and also in other major U.S. cities, is largely due to the high unemployment rates. Analysts further stated that the performance of the whole country's housing industry will depend on how employment rates will move in the coming months.

They also remind the public that foreclosure mitigation efforts might cause Buffalo distressed properties for sale and other New York metro foreclosed property numbers to decline, but this will just be temporary since most of these properties will eventually end up getting foreclosed if the unemployment rate remains at the level where it is now.

Furthermore, real property market experts have stated that a further rise in unemployment rates will result in further decline in property values and prices, mainly because foreclosure activities will also rise once unemployment rates record further increases. As of June 2010, New York is ranked 145th among metro areas in the U.S. in terms of having the highest number of foreclosure filings for the January-June 2010 period.

In New York, one household out of every 67 has a foreclosure filing associated with it during the first six months of the current year. This does not have much difference when compared with national statistics, where one household out of every 78 is facing potential foreclosure.

Although the number of Buffalo distressed properties for sale and statistics on foreclosure filings in the whole New York state might be relatively better than other metropolitan cities in the U.S., experts state that the area's unemployment rate should start going down soon or the housing market will not take another step towards the recovery path.
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