Weak Picture For New York Housing Market: Survey

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New Yorkers are painting a bleak picture for the real estate market, according to a survey released by the Siena Research Institute today, Gannett’s Aaron Scholder reports.

Consumer appraisal of the market hit a two-year low in the survey, which measured the “real estate sentiment” of people throughout the state in the third quarter of this year.

The state registered a score of -39.3 in the current market, a drop of 8.4 compared to last quarter. Confidence was no better for the future market with a score of -1.1, a decrease of 10.9.

“Only one in six residents think the market has improved at all in the last year and less than one in three believe we will see conditions improve in the year ahead,” said Don Levy, director of the institute, in a statement.

Binghamton and the mid-Hudson region are in a particularly skeptical real estate atmosphere, the survey found. The two regions scored among the lowest ratings for both the current and future market.

Here’s the report:

3Q11NYSARRelease Final

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  1. The whole US economy is coming way down because, not only the housing market. This is not surprising at all when we take into account that millions of young people who should be propping up the real estate market by buying their first house have to focus on paying off their student loans in this bad economy.