Domestic Findings

January 22, 2015

The New York real estate market is doing relatively well. How is New York doing compared to the country as a whole? Tom Fink illustrates by showing the nation sectioned into regions and shows the delinquency rate in each region.

From a real estate perspective, the best performing states are in the west coast region and a lot of the California market seems to be recovering nicely. The mid-Atlantic region, which encompasses NY, NJ and PA, is about middle of the pack on delinquency rates. New England continues to do well but is dominated by the Boston healthcare market. Outside of Boston, there are some challenges in the other areas. The west south central, which encompasses Texas, is “going gang busters… We have an energy rich economy today and Texas is an energy state, that’s why that area of the country is doing so well."


Transcript

Aaron Kaiser: Hello, I'm Aaron Kaiser, Partner at EisnerAmper and Co-Chair of our firm's Real Estate Practice. It's my pleasure today to introduce Tom Fink, Senior Vice President and Managing Director of Trepp LLC. Trepp was founded in 1979 and is the leading provider of information analytics and technology to the commercial mortgage backed securities, commercial real estate and banking markets. Welcome. So Tom, New York by itself is doing relatively well. How is New York doing compared to the country as a whole?
Tom Fink: What we've done on this next chart here, Aaron, is we've broken the country down by regions and show you the delinquency rate in each region and as you can see, the Middle Atlantic, which encompasses New York, New Jersey and Pennsylvania, is about middle of the pack on delinquency rates.

The best performance dates from a real estate perspective are the West Coast, so you've got the big drivers of Seattle, which is high technology, and then you've got a lot of the California market, which seems to be recovering nicely. You know, New England continues to do well, but again that's also dominated by the Boston health care market. That's what's absorbing a lot of the space up there. You get out of Boston, you have some challenges and some of the other regional markets there, and of course the west, south central, which encompasses Texas is going gangbusters. I mean we have an energy rich economy today, Texas is an energy state. That's why that area in the country is doing so well.
Aaron Kaiser: Tom, thank you very much for your insights and thought leadership.
Tom Fink: Aaron, it was my pleasure. I always liked working with you and the folks at EisnerAmper.
Aaron Kaiser: Thank you so much. For more information, go to EisnerAmper.com

About Aaron Kaiser

Aaron Kaiser is an Audit Partner and member of the Professional Practice Group and a leader in the Real Estate accounting services group.

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