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If you are one of those East Aurora homeowners who has been gladdened to see property values continuing to rebound, you have also been pleased at the steady decline in the wave of foreclosures that were part of the global financial crisis. When the subprime mortgage crisis triggered widespread financial dislocation, many homeowners felt the repercussions. Every Western New York foreclosure that resulted weighed on neighborhood property values, which reflect the dollar amounts paid when nearby ho...
If anyone involved in East Aurora real estate were to try to pick a word to characterize the mortgage industry as a whole, “sentimental” wouldn’t be among them. Especially over the past several years, “frustrated” might be apt, or “hog-tied.” Mortgage issuers been hampered by tough rules developed in reaction to the sub-prime mortgage mess. They certainly wanted to issue more mortgages, if only for their own profitability, but until recently, the lending guidelines made that difficult.
In any c...When you own the Western New York home your family lives in, you are by definition a real estate investor: it comes with the turf. Your investment is essentially a passive one. Until the day you decide to sell and move on, any improvement in its value is secondary to how well it serves to shelter your family.
How you think about your investment—and how you proceed to manage it—is altogether different when you buy an Erie County home purely as a financial venture. For one thing, you face an imme...The Erie County foreclosure situation is a good deal different from what we were discussing a few years ago when the tidal wave of 7.3 million foreclosures and short sales swept the nation. When The New York Times “Dealbook” recently pronounced that the supply of cheap foreclosed homes in America is dwindling, it came as news to…well, no one.
Let’s face it: Southtowns investors wouldn’t need to look up the latest statistics to guess that number of offerings would be down. The continuing rebound...
