Real Estate and the Recession

It’s been ten years since the country experienced a recession, but how much does a recession affect our local real estate market?

Posted: Sep 18, 2018 6:02 PM

Around ten years ago the nation was hit with a country wide recession. One of the biggest areas affected was the real estate market. Many areas of the country were devastated, but the local real estate market didn’t feel much change. Michael Miner, who owns Miner Reality and Property Management, explained how we were already rebounding from our own recession.

"Back when the base was open in Rome, that affected everywhere. That affected Rome, Utica, it affected a lot of places. You got a lot of military personnel. You had a lot of people buying and selling. You had a lot of people living everywhere. So when you have a bigger population, you have bigger growth. Once all that stuff left this area, it really hindered us a lot as far as not having all those people, not having all that income. So it really, it hurt. So that was our recession way back in the mid 90’s."


Sue Alberico is a Realtor for Howard Hanna. She says there were also other reasons our local real estate market was unique.

"Actually our area faired probably one of the better in the country. We were written up by many publications and by TV shows. We happened to be very solid. We didn’t wright a lot of bad loans. Interest only loans were very problematic."


So when the recession did hit, our area was already recovering from the closure of Griffiss Airforce Base. Michael Miner talked about why that made a difference in our local economy.


"So we were actually all building from that point forward. So it doesn’t seem like so much like 2007, 2008 we were already hit 2 years prior to that. So we’ve been growing ever since that point. So instead of building it on a false inflation, we’ve been building on a solid foundation."

New York Coronavirus Cases

County data is updated nightly.

Cases: 2066989

Reported Deaths: 52611
CountyCasesDeaths
Kings27515910235
Queens2723029785
Suffolk1983523365
Nassau1813753158
Bronx1801106498
New York1359564416
Westchester1283032262
Erie872971765
Richmond734501794
Monroe651661057
Orange47547810
Rockland46511952
Onondaga37558668
Dutchess28937442
Albany24270348
Oneida22021503
Niagara19398349
Broome18127355
Saratoga14924165
Ulster13638250
Schenectady12835195
Rensselaer11002140
Putnam1048891
Chautauqua8703140
Chemung7435134
Oswego732390
Ontario723492
Steuben6639143
Sullivan647272
St. Lawrence641596
Cayuga611292
Jefferson576766
Wayne554667
Cattaraugus546586
Genesee5286121
Herkimer5054107
Clinton475133
Madison441488
Fulton428190
Livingston425658
Tompkins419350
Montgomery4146121
Columbia3944101
Cortland367960
Tioga361861
Warren352957
Wyoming344951
Allegany335384
Chenango335376
Otsego335347
Greene329775
Washington302755
Orleans299283
Lewis260734
Franklin250312
Delaware229037
Seneca196256
Schoharie163216
Essex156326
Yates115626
Schuyler102614
Hamilton3042
Unassigned13458
Out of NY0231
Utica
Cloudy
43° wxIcon
Hi: 46° Lo: 40°
Feels Like: 43°
Oneonta
Cloudy
41° wxIcon
Hi: 43° Lo: 40°
Feels Like: 37°
Herkimer
Cloudy
43° wxIcon
Hi: 49° Lo: 43°
Feels Like: 43°
Old Forge
Cloudy
43° wxIcon
Hi: 44° Lo: 40°
Feels Like: 43°
WKTV Radar
WKTV Temperatures
WKTV Severe Weather
Looking for work or looking to hire? Check out the WKTV Job Fair!
Saluting Those Who Are Proud 2 Serve