Morning Market Buzz
Although delinquencies and foreclosures are still low by historic standards, there is increasing evidence that subprime borrowers are getting into more trouble as rates reset upwards. Housing counselors are helping people like Shirley Bird, 52, a janitor at a Chicago Police Department precinct, refinance her 12 percent variable loan with a 8 percent fixed-rate mortgage….
Although delinquencies and foreclosures are still low by historic standards, there is increasing evidence that subprime borrowers are getting into more trouble as rates reset upwards. Housing counselors are helping people like Shirley Bird, 52, a janitor at a Chicago Police Department precinct, refinance her 12 percent variable loan with a 8 percent fixed-rate mortgage.
Subprime Loans Going From Boon to Housing Bane [NY Times]
Official housing prices are not painting an accurate picture of the market, especially in formerly hot markets like Naples, Florida where a recent auction showed prices 25 percent below where they were a year ago. The big problem with the national stats? They don’t capture all the houses that are sitting on the market not moving because sellers won’t drop their prices.
The Hidden Truth About Home Prices [NY Times]
City Council Speaker Christine Quinn and Mayor Bloomberg last night settled on a tax-credit program that expands the neighborhoods where developers can get tax credits for building affordable apartments. Quinn will release the full details of the plan to the city council today. Bloomberg said the deal “”strikes the right balance towards maintaining a strong housing market while also providing increased funding for affordable housing.”
Deal on Housing Credits [NY Post]
“Lately, in our experience, not many people have been interested in Williamsburg,” says Shana Altstaetter, director of operations at HH Realty Group. “They’re more interested in areas farther out — Clinton Hill and Fort Greene.” [Metro]
Can anyone ELABORATE on what else is significantly driving the economy besides housing?
Is it poor people who are getting screwed, or the less thoughtful ones?
A few years back, my current CH garden floor tenant was living in a hip loft in Wburg (no heat, no hot water, no legal living space, no nearby markets, etc.). First time he saw the apt he measured the fridge and range, as he assumed he had to supply his own…he’d never rented a legal apt before. Fast forward, now he’s breakfasting at Choice, working full time, and grousing when the temperature is below 80 degrees. Beware, artists: the bourgeois comforts of Clinton Hill can destroy that long-suffering perspective essential to your art…
Folks are looking further out in Bklyn maybe because of the attraction of beautiful landmarked areas. Some in Williamsburg have tried to save some of the architecturally significant buildings there but one by one they are falling to the condo boom. Plus the new buildings going up in the neighborhood are so ugly that no one would want to live there voluntarily.
I am finding a ton of Williamsburg renters who are looking to buy in FG/CH lately. Some are priced out of what kind of space they’d prefer over there, and most are just loving the quiet of our beautiful, landmark neighborhoods over here. Plus you gotta figure that it’s just plain weird being in your 30’s and living in what must feel a bit like a dorm-setting forever. What’s the reality…is it like the 80’s was on the UES?
Maybe farther out of college.
well, anon 1:56, to hear it told by some people on this site, the economy is run exclusively on wall st bonuses. not that that’s of any comfort to the rest of us…
Anon 4:11: they’re further from, say, midtown. they’re not further from the financial district. it just depends on where you work (in manhattan).
and that comment that Clinton Hill and Fort Greene are ‘farther out’ – farther out of what? out of Williamsburg?
In my 6 years of following the real estate market in Williamsburg, I have yet to encounter a listing by HH Realty Group.
Not surprising they’re pushing the markets they serve.