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National article ranks Utica-Rome area as #4 of areas with home prices "on the rise"

By WKTV News

Story Created: Jan 18, 2012 at 5:10 PM EDT

Story Updated: Jan 18, 2012 at 6:25 PM EDT

UTICA and ROME, N.Y. (WKTV) - The price of homes in the Utica-Rome area is on the rise, according to a new report by Kiplinger's.

Taking a look at the Top Five, the Utica-Rome area ranks at number four, with an average home price of $94,000. The report says that prices have seen a bump in the past year along with increased sales.

Local realtors say that one of the reasons behind the increase is that more people are buying homes to live in, instead of renting out.

The Utica-Rome area did not see the huge slump in prices like much of the nation did a few years ago, and because the interest rates are so favorable for buyers, people can buy more of a home, for the same monthly payment.

It's a trend that realtors hope will continue as the area expands.

"One of the things we are seeing now, as opposed to investor transactions, we are seeing owner-occupied transactions, perhaps increasing a bit," said Mary Hamlin of Assist 2 Sell. "So that's what is pushing the values up."

The Utica-Rome area also has a very low foreclosure rate, according to the Kiplinger article, which can be found here.
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