A Crain’s article features some pretty grim sales data from Brooklyn-based appraisal firm HMS Associates. It goes a little something like this: Bed-Stuy, East New York, Brownsville and Ocean Hill are looking kinda screwed right about now. Sales volume in the four neighborhoods, which were hit hard by subprime lending, is down 64 percent over the past six months, and prices are nudging down. Financing is simply not available, says HMS Executive VP Sam Heskel. Sales are down all over, but in subprime neighborhoods, you see it more.
Brooklyn Starts to Feel the Real Estate Pinch [Crain's]
Photo by Reid Harris Cooper.