A recent article in The Journal News indicated home prices were still falling in the Hudson Valley region. Actually, it indicated the Hudson Valley was falling more rapidly than the rest of New York State. It appears that Putnam County, Westchester County and Rockland County has seen major decreases in the number of sales as well as median sale price, based on statistics from the National Association of Realtors. With each new appraisal request, I run specific statistical analysis for each town and school district in which the property is located. I've seen stable prices in Buchanan and Montrose, yet a 17% depreciation in Peekskill.
I recently did an appraisal in Putnam Valley and found that from August 2008 to August 2009, depreciation was reflected at 16% and 9% based on average and median sale prices, respectively. Yet 1 month later, in September, the depreciation was reflected at 10% and 5%. This would indicate sales prices are slowing creeping up. It will be interesting to see what October will bring.
A Yahoo! News article posted that the 95th US bank closed due to the highest number of loan defaults in decades. Not to mention the highest unemployment rate in decades as well. And the statistics don't even include the small business operations of 1-2 employees that went under and can't even collect unemployment. Which brings me to another point. The government is out there helping banks and big businesses, but what are they doing for the little guy? The federal government decided to extend Unemployment Insurance for an additional 13 weeks for those who are still without jobs. Does anyone in the government realize that there are people out there that are individuals doing business as a corporation that get no help whatsoever? If you are self-employed, you are not entitled to Unemployment benefits, even though you pay into them. Do they realize that these people can't collect unemployment and don't have access to the deduced rate on Cobra? The Hudson Valley region is home to many of these people....plumbers, electricians, mason, carpenters, contractors and a lot of other blue collar workers....where is help for them?
Without the mom and pop businesses, this country would not be what it is today. Where are the small business organizations when they should be screaming for help for these people like other organizations are?
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