Rochester led the nation in the housing recovery, a report Monday said.
RealtyTrac, a national group that keeps track of housing data, listed Rochester as showing the strongest signs of recovery since the housing bubble started in 2008 and 2009. The company said Rochester benefited from below-average unemployment, a small percentage of distressed or underwater homes, as well as limited foreclosures. The area has also had an increase in home values.
“The U.S. housing market has clearly shifted to recovery mode over the past 18 months, with home prices consistently rising and foreclosures falling closer to pre-housing bubble levels,” said Daren Blomquist, vice president at RealtyTrac, in a statement.
Rochester has long been credited for having a stable housing market, because home values are relatively low. A report last month from the Greater Rochester Association of Realtors put the median sales price in the Rochester region at $129,000, a 4 percent increase from last year.
RealtyTrac said upstate New York, southwestern Florida and northern California have led in the housing recovery. Northern Maryland, southeastern Pennsylvania and downstate Illinois had the most sluggish performance.
“Median home prices have bottomed and are now rising in all 100 ranked markets,” Blomquist noted. “Likewise, foreclosure activity is past its peak in all 100 ranked markets — although foreclosure numbers have been rebounding recently in some areas where a more lengthy judicial process created a backlog of pent-up foreclosure activity.”
Rochester was well ahead of other metropolitan areas, the report found. It showed that Rochester had an unemployment rate of 7 percent and property values were at 93 percent of their low point during the housing crisis. Only 7 percent of homes were underwater, RealtyTrac said.
(h/t to the Albany Business Review)