New York property investment, sales plummet during pandemic

New York City and New York state have suffered a combined loss of more than three-quarters of a billion dollars in property tax revenue over the past year, according to a report from a real estate trade organization.



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The report from the Real Estate Board of New York paints just how devastating the COVID-19 crisis has been to the city and state since the pandemic began in March. The board’s report indicates that compared to March-September 2019, investment and residential property sales dropped by 48 percent.

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Comparing the year-to-date totals from this year to last, the decline in sales has led to a $755 million decline in tax revenue generated for both the city and state. The slumping property sales are especially critical considering that property taxes make up the majority of the city’s tax revenue. At 53 percent, the property tax

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CT and NY Q3 foreclosure rates plummet year-over-year

Foreclosure rates in Connecticut and New York recorded a sharp year-over-year decline during the third quarter of this year, according to statistics released by ATTOM Data Solutions.

Connecticut recorded 322 foreclosures during the third quarter, roughly one foreclosure for every 4,697 homes. That represents a 33.74% decline from the second quarter and an 85.56% drop from the third quarter of 2019. Connecticut’s pre-recession foreclosure average was 2,445, and the latest data is an 87% plummet from that level.

Across the border, New York recorded 1,193 foreclosures during the third quarter, roughly one foreclosure for every 6,946 homes. While that marked a 68.74% increase from the second quarter, it is also an 86.35% year-over-year decline. New York’s pre-recession foreclosure average was 8,831, and the latest data is an 86% tumble from that level.

However, ATTOM said, the downward foreclosure motion might soon shift into a rapid ascent in the near future.

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