NY Housing Market
Now that Stuyvesant Town and Peter Cooper Village go bankrupt we have proof that the housing market in New York has just begun its turn south. The stimulas money prolonged the capitulation by about a year but the word luxary will be a word of the past. Anyone still believe home prices are stabalizing?
Now that Stuyvesant Town and Peter Cooper Village go bankrupt we have proof that the housing market in New York has just begun its turn south. The stimulas money prolonged the capitulation by about a year but the word luxary will be a word of the past. Anyone still believe home prices are stabalizing?
riiight. Just wait until bankers will get their bonuses.
OK, I see, but the bubble popped here a while ago. Prices started falling in New York City in July 2007. There are plenty of foreclosures in areas where subprime lending was rampant, such as Jamaica and the Eastern part of Brooklyn. Stuyvesant Town is certainly one very dramatic aspect of the bubble affecting New York City, to be sure.
Connection is not the word mopar it is proof that that the bubble is popping here too and that prices are just now starting to come down now. The final act of capitulation will be when helicopter Ben Bernanke starts raising interest rates, forclosures will spread like wildfires.
One thing I know is that I love MetLife!
They called the bubble and dumped all their RE in NYC including the old PanAm building.
That’ll be a big truck delivering the keys to the bank!
Hannible, could you please explain why the default at Stuyvesant Town will cause the price of houses in New York City to drop? I don’t get the connection.
I will keep holding my breath while these prices stabalize. Does stabalize mean go down day by day Adam?
Market is stabilizing. Keep holding your breath hannible, which is also a spelling error Hannibal
m4l, here’s what I read on Bloomberg…
…They took out a $3B mortgage from Wachovia Bank and $1.4 B of mezzanine debt. the mortgage was packaged with other commercial property loans and sold as securities. The biggest holders are Fannie Mae and Freddie Mac…”
Posted by: daveinbedstuy at January 25, 2010 12:58 PM
Freddie and Fannie are sluts then cause they’ll anything into their sheets (ie balance sheets)
m4l, here’s what I read on Bloomberg…
…They took out a $3B mortgage from Wachovia Bank and $1.4 B of mezzanine debt. the mortgage was packaged with other commercial property loans and sold as securities. The biggest holders are Fannie Mae and Freddie Mac…”