Coast to coast overview of home sales.
Stuart Hoffman, chief economist at PNC Financial Services Group Inc., talks about the outlook for the U.S. housing market. Hoffman speaks with Mark Crumpton on Bloomberg Television’s “Bottom Line.” (Source: Bloomberg)
The City of Buffalo has the seventh-worst housing vacancy rate among America’s major cities, according to figures released by the U.S. Census Bureau.
The same federal study shows that Buffalo has the oldest and most inexpensive housing stock among the 81 U.S. cities with at least 100,000 homes.
Read more: New Orleans has worst housing vacancy rate; Buffalo is seventh-worst | Business First
Based on median sale price and median income, the Buffalo Niagara region ranked 5th among large metro areas on the quarterly “Housing Opportunity Index” created by the National Association of Home Builders and Wells Fargo.
The region earned an “affordability” score of 93.3 percent, meaning that percentage of new and previously occupied homes sold from April through June were considered affordable for a family earning the region’s median income. In Buffalo Niagara, the median sale price was $112,000, meaning half the homes sold for less than and more than that amount. The median family income was $63,700.
The survey does not take into account property taxes, often cited as a negative factor offsetting the region’s relatively inexpensive housing.
No. 1 on the most-affordable list for the second quarter was Syracuse, with a rating of 97.2 percent. Second was Indianapolis, which had held the No. 1 spot for five straight years. Upstate New York was well represented on the list, with Rochester at No. 10.
A mid-year report released by RealtyTrac Inc. shows foreclosure filings in Buffalo rank at the low end of the 206 markets measured nationwide. According to the report, there were 915 foreclosure filings in the Buffalo area from January through June, or one for every 570 households, a decline of 45 percent over the first six months of 2009. That placed Buffalo 197th on the list.
Many rushed to sign on the dotted line last month, as homebuyers in the Buffalo Niagara region scrambled to take advantage of federal tax credits on home purchases before they expired, reports Buffalo News Business Today.
Pending home sales jumped to their highest level in at least 11 years as buyers rushed to sign contracts before the April 30 deadline for federal tax credits of as much as $8,000.
The expiring tax credits pushed the number of pending sales that still are waiting to close up by 35 percent from a year earlier to their highest level for any month since at least 1999, according to figures released Wednesday by the Buffalo Niagara Association of Realtors.
Read more: Housing market hectic in April
Foreclosures in the US fell by more than 2 percent in April from a year earlier, the first year-over-year decline in the five years RealtyTrac has been reporting the data.
The number of Americans receiving foreclosure notices was down 2.4 percent in April from a year before and 9 percent lower than March 2010.
Experts say the foreclosure situation is slowing, and may have hit a plateau.
Read more: CNBC