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The Times Union reports:
New York state‘s economy contracted by 4.3 percent in 2009, the third worst performance among the 50 states and the District of Columbia.
Only Nevada, reeling from the real estate collapse, and Michigan, with its troubled auto industry, fared worse, according to new data on states’ gross domestic product.
The figures were released this morning by the U.S. Bureau of Economic Analysis.
Read the rest at: New York’s economy third weakest nationally – Times Union.
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The Business Review reports:
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The Highest Property Tax Burdens in America
Catherine Rampell reports in the New York Times‘ Economix blog:
The typical resident of Westchester County in New York, pays more in property taxes than the typical resident of any other major American county, according to a new analysis of Census data from the Tax Foundation.
Read the rest at: Property Taxes, by County – NYTimes.com.
Commercial real estate in the United States has suffered its worst annual capital return on record, according to Investment Property Databank (IPD), whose data stretches back to 1978.
The global real estate analysis firm, headquartered in London, reported this week that the IPD U.S. Quarterly Property Indicator fell 23.9 percent in 2009. That dive pushes the total capital decline to 33.4 percent from December 2007, when commercial real estate values were at their peak.
While the pace of market value decline eased over the final quarter, IPD says continued cap rate pressure together with weakening rental fundamentals is curbing optimism that 2010 is the year of recovery for the commercial sector.
Read the entire story at:
U.S. Commercial Real Estate Suffers Worst Fall on Record: IPD.
Dec. 21 Bloomberg — Commercial property values in the U.S. declined in October to the lowest level in more than seven years as unemployment reduced demand for apartments, offices and retail space.
The Moody’s/REAL Commercial Property Price Indices fell 1.5 percent in October from September to the lowest since August 2002. Prices were down 36 percent from a year earlier and are 44 percent below the peak in October 2007, Moody’s Investors Service Inc. said in a statement.
Read the rest at: U.S. Commercial Property Falls to Lowest in 7 Years Update3 – Bloomberg.com.