Ithaca sheltered from real estate bubble [Ithaca, NY]
With relatively low prices for houses, a stable housing market and steady employment, Ithaca hasn’t experienced the real estate crash some places have.
“People talk about the real estate bubble bursting, but in Tompkins County the bubble never really got that big to begin with,” said Elia Kacapyr, economist and Ithaca College professor.
Ithaca was at the top of a list compiled by the Federal Financial Institutions Examination Council of cities with the lowest percentage of high-cost subprime loans in 2006, drawing the attention of the New York Times. A Nov. 4 article noted that many of the safe spots were small cities with big colleges, oases surrounded by areas where jobs are dwindling, keeping house prices low.
While in places like Las Vegas, new houses sold several times before they were even built a few years ago, Kacapyr said Ithaca never got in over its head.