|
|
|
Foreclosure rates in the Rochester area were at 2 percent in April, more than one percent below the national average, according to recent data.
The data measured foreclosure rates in Monroe, Ontario, Wayne, Livingston and Orleans counties and was collected by CoreLogic analytics. Foreclosure rates were up .52 percent compared to last April.
Rochester has long been sheltered from the most dramatic effects of the nation’s housing crisis.
“This region is, for as long as anybody can remember, very economically stable,” said George Hamlin IV, chairman and CEO of Canandaigua National Bank.
The Rochester area does not have nearly as much speculation as other areas, which has helped it avoid the brunt of a crisis that crippled markets in Arizona, Nevada and Florida, where sub-prime lending was most prevalent.
“It comes down to location, location, location, that old real-estate joke,” said Frank Robusto, manager of Nothnagle Realtor’s Ontario County Office.
This stability has shown itself in other areas, as well. Rochester’s unemployment rate is currently at 7 percent, compared to 9 percent nationally, according to the Bureau of Labor Statistics.
However, this does not mean the housing crisis has left the area unaffected.
“Most people’s homes were worth more two or three years ago than they are today,” Robusto said.
For those most affected by foreclosures, there are some signs of relief. PathStone corporation, which assists low-income families and communities, has received a grant to help 31 homeowners at risk of foreclosure as part of the Emergency Homeowners’ Loan Program.
Homeowners who have experienced a 15-percent decrease in income from 2009 and are at least 90 days delinquent on their mortgages are allowed to apply for an interest-free forgivable loan to cover mortgage costs.
“It’s just an indication of the number of people who are still without jobs,” said Hubert Van Tol, a spokesman for PathStone, of the foreclosure rates.
Foreclosure rates in the Rochester area were at 2 percent in April, more than one percent below the national average, according to recent data.
The data measured foreclosure rates in Monroe, Ontario, Wayne, Livingston and Orleans counties and was collected by CoreLogic analytics. Foreclosure rates were up .52 percent compared to last April.
Rochester has long been sheltered from the most dramatic effects of the nation’s housing crisis.
“This region is, for as long as anybody can remember, very economically stable,” said George Hamlin IV, chairman and CEO of Canandaigua National Bank.
The Rochester area does not have nearly as much speculation as other areas, which has helped it avoid the brunt of a crisis that crippled markets in Arizona, Nevada and Florida, where sub-prime lending was most prevalent.
“It comes down to location, location, location, that old real-estate joke,” said Frank Robusto, manager of Nothnagle Realtor’s Ontario County Office.
This stability has shown itself in other areas, as well. Rochester’s unemployment rate is currently at 7 percent, compared to 9 percent nationally, according to the Bureau of Labor Statistics.
However, this does not mean the housing crisis has left the area unaffected.
“Most people’s homes were worth more two or three years ago than they are today,” Robusto said.
For those most affected by foreclosures, there are some signs of relief. PathStone corporation, which assists low-income families and communities, has received a grant to help 31 homeowners at risk of foreclosure as part of the Emergency Homeowners’ Loan Program.
Homeowners who have experienced a 15-percent decrease in income from 2009 and are at least 90 days delinquent on their mortgages are allowed to apply for an interest-free forgivable loan to cover mortgage costs.
“It’s just an indication of the number of people who are still without jobs,” said Hubert Van Tol, a spokesman for PathStone, of the foreclosure rates.
