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  1. we are all fucked. its official. mortgage rates are going through the roof – affordability is collapsing for prospective buyers, even if they had the inclination. this is the 2nd innings of a the new beginning of rational property prices and discreet lending practices. nyc will not be immune from this cycle anymore.

  2. oh dear – there goes the mortgage market folks – NEW YORK (MarketWatch) — In the latest sign of mortgage-industry retrenchment by a major U.S. bank, Citigroup said Thursday it will reduce its mortgage assets by $45 billion over the next 12 months.
    Chart of C
    The move, announced after the closing bell, represents a 20% cut in the value of mortgages held by Citi as of December, the most recent period detailed by the bank.

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