There is a Foreclosure trickle down that you may not be aware of. Foreclosure is a lengthy process in New York State, and it can take years for the home owner in trouble to finally be foreclosed on by either the financial institution or the county for back taxes. This process leaves many in limbo.
It is interesting to see that what is happening as a direct result of the foreclosure crisis. Buyers are finding it more difficult to qualify for a mortgage today and the options for a mortgage are significantly reduced, but there are also others affected by this crisis.
Here is a brief list of businesses that are affected by the mortgage crisis:
- Real Estate professionals
- Mortgage professionals
- Attorneys and title companies
- Stock market
- Banks and financial institutions
The effects do not stop just there. Now it seems this crisis is affecting the companies that support these professionals. A friend told me that businesses like salons, plastic surgeons, and clothing stores are feeling the pinch. Print shops, dry cleaners, and restaurants are all affected, too.
Selection of Homes For Sale
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All statistics are gathered from the Buffalo Niagara Association of REALTORS®.
For more information – call our Myriad Team @ Keller Williams Lancaster at: (716) 650-0051
Thinking of selling your Western New York home? Interested in finding out the current market value of your single family home, condo or investment property? Then call us at (716) 650-0051 to discuss what is happening in today’s Western New York Real Estate Market. We would be happy to give you a personalized Comparative Market Analysis for your home or assist you to purchase a home.
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