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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."

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