As word that the "housing bubble" has popped spreads throughout national media outlets, a new study has found that the Syracuse area is ranked second lowest of the nation's 100 largest metro areas.
The list was compiled by RealtyTrac, which publishes the largest and most comprehensive national database of pre-foreclosures and foreclosures.
The Syracuse area foreclosure rate was listed as 0.128 percent for 2007 (The RealtyTrac Metro Foreclosure Market Report provides the total number of foreclosure filings by metropolitan area. The household numbers are based on the US Census Bureau's 2005 estimates of total housing units reported equals the foreclosure rate). The average foreclosure rate for the rest of the top 100 cities is 1.382. Detroit, MI was first on the list with a 4.918.
"As expected, the number of properties entering some stage of foreclosure in 2007 was up in the vast majority of the nations 100 largest metro areas, with 86 metros reporting increases from 2006," said James Saccacio, chief executive officer of RealtyTrac. "Most of the metro areas with the highest foreclosure rates were either cities like Stockton [CA] and Las Vegas [NV], which experienced meteoric growth and unsustainable price appreciation over the past few years, or cities like Detroit, which are undergoing a more widespread economic downturn along with higher unemployment rates."
Lynnore Fetyko, Chief Executive Officer of the Greater Syracuse Association of Realtors, believes that housing affordability and consumer spending habits in the Syracuse area are the reasons behind the low foreclosure rate.
"[The low foreclosure rate] is a great thing. The affordable housing fits the means of income," Fetyko said. "It has a lot to do with the responsibility of consumers. People live within their means. That coupled with this climate of affordability is the difference between New York State and California."
Syracuse was not the only area in Upstate New York that largely avoided the "housing bubble burst" of 2007. Along with Syracuse being ranked 99th on the list, Albany/Schenectady/Troy ranked 94th, Poughkeepsie/Newburgh/Middleton ranked 90th, Buffalo/Cheektowaga/Tonowanda ranked 82nd, and Rochester was 63rd.