Foreclosure Trickle Down in Western New York

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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February 19, 2016

  • I’ve noticed the same things here. (San Diego)

    What I still can’t get my head around, is how the bridal business is still printin’ money. They were down last year, and now they’re up again. Can’t explain that no matter how I look at it.

    I wonder what new twists on affected businesses are gonna pop up because of this trickle down phenomena?

  • Jeff — number of women coming of age who have been brainwashed that you have to be a fairytale princess might explain the wedding thing.

    Luckily here in Western New York we are in the upswing! It isn’t like the upswing I experienced in Florida. There are many affordable homes here and although many think that Buffalo is a dead city, it is really a vibrant growing city with a lot of great opportunities. Check out to find out more information about why this area is on the list of top 10 Fastest Real Estate markets by Money Magazine.

  • There is the “who knew” effect around here. There is so much going for it with the SPORTS (hockey, baseball football, lacross, sailing) Cultural Arts and some of the best dining in the world right here in Buffalo NY… We are an hour away from Toronto and Rochester, we have the most sunny summer days in the country (who knew–guess mother nature felt that there had to be a positive to all that snow) If you ever get the opportunity you should come for a visit… There is even a great selection of wineries here….

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