Hurricane Sandy’s Aftereffects Likely to Dampen Real Estate Market in Northeast

Hurricane Sandy's Aftereffects Likely to Dampen Real Estate Market in NortheastExisting-home sales, a market indicator followed by economists and analysts, probably will slow in the U.S. Northeast for the rest of 2012 as superstorm Sandy disrupts deals, the National Association of Realtors said.

“Closings may be delayed, and a lot occur at the end of the month,” Walter Molony, a spokesman for the group, which is scheduled to report October sales on Nov. 19, said in a telephone interview from Washington. “In theory, you wouldn’t see the impact just in October sales. You’d see it in subsequent months.”

Sandy made landfall on Oct. 29, knocking out power, communications and transportation services in parts of New Jersey, New York, Pennsylvania, Delaware and other northeastern states. Some local multiple listing services that supply data to the Chicago-based Realtors association may be incapacitated, while sales elsewhere won’t be completed because of bank and other business disruptions, Molony said.

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Authored By John Gittelsohn – See the Full Story at Bloomberg Businessweek

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