From a fiscal point of view, the city of Rochester is hurting. The city faces a deficit (and a state cap on local property taxes makes it difficult to rely on taxes to bridge the gap). Its school system is heavily in the red; even its symphony is short of money.
But as a real estate market, the metro area may well be a great place to invest in foreclosures, according to RealtyTrac. Home prices are a third lower than in Albany and have risen only 4.3 percent over the past year, slower than in Albany, and at half the national rate, according to the NAR. And while foreclosures sell at less of a discount than Albany – 25 percent – Rochester sports a robust 78 months’ supply.
