Port Chester Area homes sales sank to a two-decade low in September, as tighter lending standards walloped an already-declining market.
Port Chester Realtors have said it was the slowest September that anyone can remember.
Port Chester has suffered month after month of declining sales.
The credit crunch hit with a vengeance in mid-August, as lenders backed away from jumbo loans - those over $350,000. Since home sales typically take about 30 days to close, the fallout hit the September sales data. Tighter standards for jumbos had a particular impact in the Port Chester Area, where, by necessity, most home mortgages are jumbos.
Port Chester median price also been has been hurt by the 13 1/2% School Tax Increase.
But with reckless Hedge Funds causing a credit crunch. It has made it harder and more expensive for potential Port Chester residents to get a larger mortgage, that is needed in Port Chester.
When you combine the price difference (for jumbos) with the restrictions in underwriting guidelines, and the massive school tax increase, that was a triple whammy that has devastated the Port Chester Real Estate market.
Goldie Solomon has repeatedly said that "All levels of Government need to reduce taxes, because we are headed for a recession."
Westchester County, Port Chester Public Schools, Blind Brook Schools, The Village Of Port Chester and the Village Of Rye Brook have all increased taxes the last two years.
The Town of Rye is one of a few Westchester governmental and school bodies that has reduced taxes this year.
The Town Of Rye is the only Westchester governmental or school body that has reduced taxes two years in a row.
ALSO:
Rye Town Supervisor Wanna Be Joe "The Harvard Educated Fool" Carvin explains how the hedge fund mess is going to cause Port Chester housing prices to decline.
This is just one man's opinion. I could be wrong.
I wold like to hear what other Port Chester Businesses, Realtors and Residents think about the pending Port Chester home sales falling sharply.
Why isn't the hopelesslly biased We$tmore $nooze reporting on the fact that Port Chester home buyers have struggled to get loans?
Why hasn't the hopelessly biased We$tmore $nooze reported that the outrageous 13 1/2% School Tax increase has helped cause a dire Port Chester Housing Market that will get worse?
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