Here in WNY, we've always been up the messy creek with no paddles.
We haven't suffered much from foreclosures, as a matter of fact our housing prices have only declined 1-2%, solely because we have never received the benefit of the real estate bubble. We are, however, hurting on the employment front. Over the last 30 years we've lost a good deal of our manufacturing jobs due to a heavy union presence in the area. We keep up our government services, which in theory boosts quality of life, but also boosts taxes and discourages businesses from reinvesting in the area.
We have been suffering because many of our previously thriving sectors service areas outside of WNY, and they've taken hits as the country drops.
Personally, I've been out of work since Halloween, and within the next month or so I will have to say adios to my house and move elsewhere. Looks like I'll be going to Alaska (as if Buffalo isn't cold enough), in order to pull in enough cash to keep the house out of foreclosure (I bought it a month before being laid off). Unfortunately (for me) I purchased the house with the expectations of being able to refurbish it and get some sweat equity. I'm nearly finished, but I simply cannot afford what it will take to refinish the kitchen to the point of making it salable. So I'll have to sit on it for a while and hope for the best....can't even rent the damn place at this point!
