Wednesday Links
Federal Retreat on Bigger Loans Rattles Housing [NY Times] Controversial Takeover of MetroTech BID Approved [NY Post] Rooftop Films Lands a New Role [WSJ] Report: Rents Up in Bed-Stuy [BS Patch] Fewer Geese in Prospect Park [BK Paper] CB1 Supports OSA Concerts [Brooklyn 11211]
Federal Retreat on Bigger Loans Rattles Housing [NY Times]
Controversial Takeover of MetroTech BID Approved [NY Post]
Rooftop Films Lands a New Role [WSJ]
Report: Rents Up in Bed-Stuy [BS Patch]
Fewer Geese in Prospect Park [BK Paper]
CB1 Supports OSA Concerts [Brooklyn 11211]
Grand Pa – its not guaranties for million dollar homes , its FHA backed-mortgages for $729K or so. A three-bedroom house in NYC in a good school district will easily cost that or more. Taking the FHA option away for first time buyers (thats who it is for) means only those who have, as I said, family money for a downpayment or a high paying job can buy a house. How long is it going to take a young family to save 150K or more (plus 20K closing etc.). FHA mortgage limits should take into account regional variations in the price of homes if they are to help first time buyers wherever they be.
$188k average my ass. These people crazy.
Unless there are a lot of ‘sold for $1’ transfer of ownership as ‘sale’ things going on.
Well, the reality is that without a housing recovery, there will be no broad based general economic recovery.
Even Krugman understands this.
Obviously, I am referring to Federal mortgage guaranties of million dollar homes as referenced in the NY Times article.
Rob thats true – but property taxes for brownstones in Brooklyn are so low you could pay them after doing two evening’s worth of busking at the subway.
Grand Pa, which subsidies are you talking about?? If it’s the mortgage deduction, it mainly benefits the middle class. the rich have lower LTV ratios and oftentimes no mortgage at all.
im sorry but i will never subscribe to that fact that people own anything. sorry but for 30 years the bank owns it, and then when it’s paid off the city owns it cuz you still have to pay ever increasing taxes and if they government wants your home they can just come and take it away from you! how is that owning anything? when you own something outright you dont continue to pay taxes on it and have to live in fear the government will come take it away. it’s so scammy!!!
*rob*
“yep, that means in NYC, and other hi-price areas, only those with family money for the downpayment or very high paying jobs can buy. The rest can carry on renting. ”
that’s good though – only people who work hard and make alot of money should be able to own property!! /sarcasm
DIBS-
What is so wrong about a free market in housing? What are you so afraid of?