Buffalo is doing well w/ mortgages ( from the News 3/7) (Cleveland: sales, real estate market)

[BuffaloTransplant]

The Buffalo News: City & Region: Mortgage crisis guts Cleveland neighborhoods as it bypasses Buffalo (broken link)

Found it interesting to open the paper today and discover we are way down on the number of foreclosures among cities listed.... I posted the link to the Buffalo News article. (They don't post the list -- out of 100, we are down in the 80s, 100 being the lowest in foreclosures). W/No big housing boom, we have had no bust!
Once again, it proves there are lots of hard working people in the area who don't overspend and -- even with economic hard times -- will still survive here.

[londonbarcelona]

Originally Posted by BuffaloTransplant

The Buffalo News: City & Region: Mortgage crisis guts Cleveland neighborhoods as it bypasses Buffalo (broken link)

Found it interesting to open the paper today and discover we are way down on the number of foreclosures among cities listed.... I posted the link to the Buffalo News article. (They don't post the list -- out of 100, we are down in the 80s, 100 being the lowest in foreclosures). W/No big housing boom, we have had no bust!
Once again, it proves there are lots of hard working people in the area who don't overspend and -- even with economic hard times -- will still survive here.

I pretty much said the same thing on a different post a second ago. I ws saying that in a bizarre way, Buffalo's low cost of living will either retain/attract enough people to keep it at status quo.

[rubygreta]

Buffalo should suffer less than most cities in this recession. Slow and steady growth over the last few years, no overheated real estate market, minimal subprime mortgage exposure, and proximity to Canada and its very strong dollar. Go Buffalo!

[smalltownusa]

Or in other words, the higher-end/faster you lived, the bigger, harder the fall.......

[BuffaloTransplant]

Amen to that! The "high living" cycle is not a Buffalo thing. Thank heavens!

[CAugust]

Although home sales are steady here in this market and foreclosures are down, that is regional and good news. The bad news is that since foreclosures are up in most areas, the mortgage industry isnt doing anywhere near as well as realtors and sellers, mortgages arent regional, that being said, there are tougher rules and regulations to get a mortgage. In order to qualify for a low mortgage, you really need to have very good established credit. A few years ago, if you were middle of the line, then you could still get a decent rate on a mortgage, but not right now.

[BuffaloTransplant]

But, Colleen, just as Buffalo held its head above water in every recession and even the great depression ( banks did not close all over here), people are savers, not overspenders and I think it bodes well for the area. My kids will still have roofs over their heads even w/their mortgages... good credit got them there.

[CAugust]

Originally Posted by BuffaloTransplant

But, Colleen, just as Buffalo held its head above water in every recession and even the great depression ( banks did not close all over here), people are savers, not overspenders and I think it bodes well for the area. My kids will still have roofs over their heads even w/their mortgages... good credit got them there.

You're correct, their good credit got them there - and good for them!!!!!!!! Sadly not everyone shares their intelligence in that matter when they are young and then pay for it a few years later.