New York's economic condition is considered way better than most states in the U.S. The state's metro areas have fewer bank and VA home foreclosures and the number of unemployed is relatively lower when compared with other metros. The state, according to local analysts, is ready for a full economic recovery.
Housing market reports also showed that property values in New York metros, including those of Queens foreclosed homes, have held well against the recession and the property market crisis. There are also more people coming in to the city of New York, including tourists and workers, and less people leaving it to move to other locations.
Despite the fact that the region was not spared from problems of New York foreclosures and the recession, it is actually showing faster recovery signs than other states. Local officials have stated that the whole state has been on steady financial and economic ground in the past six months and will likely achieve a slow, but steady recovery, until next year.
Aside from the manageable level of bank and VA home foreclosures, New York City has also been making headway towards job creation, with the first six months of 2010 reportedly producing additional jobs. Unemployment rate for July in the city declined to 9.4% which is lower than national averages.
Economists have stated though, that the rate of recovery, just like the impact of recession, has unevenly affected the state and the major New York City itself, with some areas achieving quicker recoveries, while others are facing problems related to foreclosure house listings and unemployment. They also reveal that places farthest from the Midtown city are more likely to suffer from the impact of the recession and are less likely to recovery quickly.
According to most economists, some of the major factors that cause such neighborhoods to continue to suffer from the recession include the decline of the home building and construction industry, with building project values during the second quarter of 2010 declining by more than half when compared with values of two years ago.
A number of analysts believe though, that the level of economic recovery in the city and the whole sate will depend more on the number of people who survived the recession with their jobs intact than the number of bank and VA home foreclosures.
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