NYSAR/SRI: Consumers remain bearish on current market; recovery expected sooner downstate

According to data released by the Siena Research Institute (SRI) and NYSAR, the overall Real Estate Sentiment score among New Yorkers in the 4^th quarter of 2010 shows that consumers continue to give real estate a poor current grade, but remain convinced that improving conditions are on the way.

"Upstaters and Suburbanites are most negative today, and while Downstaters expect significantly better conditions over the next year, Upstaters overall are more inclined to think the current market conditions will persist for another year," according to Dr. Don Levy, SRI's director.

The actual Real Estate Sentiment Score of -32.0 is well below the point where equal percentages of citizens feel optimistic and pessimistic about the housing market and down 1.0 point from last quarter. Looking forward, the overall future Real Estate Sentiment score is 16.0 (up from 12.8 last quarter) indicating that New Yorkers expect the overall real estate market and the value of property to increase over the next year.

Click here to read the entire press release and to access the metropolitan statistical area (MSA) breakdowns.