Schenectady, Saratoga counties bearing brunt of housing slump BY JAMES SCHLETT Gazette Reporter Reach Gazette reporter James Schlett at 395-3040 or jschlett@dailygazette.net.
Housing sales in the greater Capital Region continued to move at an increasingly slower pace in May. For the first five months of the year, the area registered 3,394 closed single-family home sales, down from 3,664 a year earlier, according to statistics released Monday by the Greater Capital Association of Realtors. Schenectady and Saratoga counties have been hit hardest so far this year, with their sales dropping by 17 percent and 11 percent, respectively. GCAR President Douglas Engels indicated the region might be moving out of its lethargy, saying “the market might well show some interesting changes in the not-too-distant future.” He said GCAR members are reporting strong numbers of contracts of sales and transfers agreed upon that have not yet closed. Home values continued to trudge through the sales slowdown, gaining a little more momentum. The region’s year-to-date median sale price was $188,000, up 2 percent from $185,000 in 2006. Prices in Saratoga County started to depreciate again after receiving a one-month reprieve in April. For the year to date, the county’s median price was $250,000, down 3 percent from $257,000 a year earlier. Total sales nationwide — including single-family, townhouses, condominiums and co-ops — took a similar plunge in May. The nation registered 5.99 million sales last month, compared with 6.68 million in May 2006. The U.S. median sale price last month dropped by 2 percent to $223,700 from $228,500 a year earlier, the National Association of Realtors announced Monday. NAR officials blamed psychological factors as the biggest drag on sales, with many consumers holding off on buying homes until the market shows more stability. Heightened lending restraint in the subprime mortgage market was also pegged for May’s sales slowdown.
Perhaps the people are moving into those them there new MFH that are popping up all over the place!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
No one can afford to live in the house with the white fence....insurance costs went up to cover 9/11 and katrina, oil/gas prices, daycare etc etc...and all those kids who grew up there thought it "pretty" but dont want to have to work 75hours a week and come home run around like a maniac mowing the lawn doing laundry etc....then maybe having dinner together as a family---it's starting to look like china work and life......just live somewhere where there are"services" provided to you while you provide services for someone else.....all the while the sucking sound continues.....
...you are a product of your environment, your environment is a product of your priorities, your priorities are a product of you......
The replacement of morality and conscience with law produces a deadly paradox.
STOP BEING GOOD DEMOCRATS---STOP BEING GOOD REPUBLICANS--START BEING GOOD AMERICANS
Don't worry, as soon as the county and a few others approve, we'll be looking at another MFRH right on Mariaville Rd. The one property that looks like it's empty is actually part of the property with the house to the right. Well, they want to put a new MFRH in the open part of the yard. I think it's across from Harold St.
I know the area you mention. It's time to populate/develop the west side...so watch out now!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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