New York State's second-largest city has more in common with its Rust-Belt Midwestern neighbors than with the giant downstate metropolis centered around New York City.
For decades, Buffalo had been a city of steel mills, grain storage and auto manufacturing, as well as railroad and Great Lakes shipping. With the decline of heavy industry, the area has gone through a somewhat rocky transformation into a service economy.
The population has fallen about 2% since 2000, and the drop in demand for housing has hurt home prices. Even during the height of the housing boom, the median price never exceeded $120,000. In the second quarter, affordability was up slightly, thanks to rock-bottom interest rates.
From Los Altos, Calif. to Brooklyn, N.Y., these 20 cities had the highest number of home sales exceeding $1 million during the 12 months ended June 30, 2013.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.48%||4.38%|
|15 yr fixed||3.49%||3.42%|
|30 yr refi||4.47%||4.37%|
|15 yr refi||3.48%||3.41%|
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