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Money

Home sales down in Rochester, income inequality in NYS

forsale_Daniel_Leininger.jpg
Daniel Leininger
/
via Flickr
Housing sales in Rochester couldn't match the previous year's numbers, driven by the first-time buyer credit.

Home sales fell in Rochester, for the first quarter over the previous year, reports the Democrat and Chronicle.  The drop was 9 percent, but wasn't unanticipated:

Last year's first quarter had the benefit of a pair of federal homebuyer tax credits, which spurred the market. This year, without the credits, "It's almost like it's back to business as usual, back to reality," said Carolyn Stiffler, president of the association's board of directors. Ome sSelling prices remained stable, with a median of $114,900 in the January-March period this year, up from $113,000 last year. The number of closings in the region covered by the association totaled 1,634 in the first quarter this year, down from 1,802 a year earlier.

Income inequality

New York has the highest income inequality in the U.S., according to website 24/7 Wall StreetRick Karlin at Capitol Confidential points us to the item, which looks at the spread between high earners and people living below the poverty line, putting New York somewhere between Chile and Honduras.

Sprawl

Rust Wire points out that one of the big reasons that cities are so broke these days is because they're trying to serve ever larger metro areas, using tax revenue from declining populations.  Put simply, sprawl sucks.  And who's the poster child that they use to demonstrate spreading population and declining density?  Buffalo.

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