National Real Estate Trends Not Reflected in Westchester

Due to the more stable and sophisticated demographic of the typical Westchester homeowner, the county has managed to escape many of the problems which seem to plague other areas of the United States. While overall numbers of actual homes sold in Westchester have certainly dropped, reflecting the national trend and sale prices are significantly lower than in years past, 63 percent of Westchester residents still own their own homes. This figure remains unchanged since 2000, well before the financial crisis began. Westchester has also never seen the high level of subprime mortgage financing more prevalent in other areas. As a result, the number of foreclosures and short sales, which tend to push down sale prices for more traditionally financed homes as well, are significantly lower. In some areas of the South and Southwest US for example, foreclosures and short sales account for 80% of the market. In Westchester by comparison these types of sales account for only 20% or even less, depending on the individual area. Read more at:

http://www.lohud.com/article/20110801/NEWS01/108010320/Local-housing-market-resisted-worst-collapse?odyssey=tab|topnews|text|News

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