In a typical list of foreclosures by state, metro areas in New York usually occupy lower ranks, given that the state does not have the same level of foreclosure numbers as other U.S. regions. However, one list released by the U.S. Census Bureau saw Buffalo in the top ten. The list ranked metro areas in terms of highest residential vacancy rate, with Buffalo coming in at number seven.
Most properties under Buffalo foreclosure listings that have yet to be sold remain vacant for certain periods of time, and these properties likely contributed to the city reaching a total of 25,060 vacant residential units, giving the area a 17.2% vacancy rate. Buffalo has 145,700 residential units, which include single family detached dwellings, duplex housing and apartment units.
Although foreclosure lists in New York are not as high as in other states, the region and its local markets also experienced their share of housing troubles. The Census report also revealed that among 81 cities in the country with a minimum of 100,000 houses, Buffalo had the oldest and cheapest residential property stock.
Several other metro areas that have the most extensive list of foreclosures by state were also included in the list of locations with the highest vacancy rates. The metro areas that did worse than Buffalo in the vacancy rate ranking were New Orleans, which was ranked first, Baltimore, Cincinnati, Cleveland, Detroit and St. Louis. The Census report was based on surveys of three million conducted from January 2005 to December 2009.
Although the number of properties under foreclosure list in San Jose, CA might be higher than a lot of other cities in the U.S., the metro was ranked last in terms of vacancy rate, with the metropolitan region recording a 3.3% housing vacancy rate. San Jose was followed by Virginia Beach with only 3.7% of its residential units remaining unoccupied.
Aside from ranking seventh in terms of housing vacancy, Buffalo was also ranked first in terms of having the oldest residential structures. Although the city does not rank high in the list of foreclosures by state, the fact that 50% of its houses were built over 50 years ago might pose a problem in the future.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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