The Housing Crisis Has Arrived
That’s according to the Daily News, which dissects the unraveling economy’s effect on middle class housing here. In the outer boroughs, “house sales are falling faster than the Dow.” In the last four years, they say, Brooklyn has seen a 52.7 percent drop in home sales, from 12,089 to 5,716; that’s 37.5 percent this year…
That’s according to the Daily News, which dissects the unraveling economy’s effect on middle class housing here. In the outer boroughs, “house sales are falling faster than the Dow.” In the last four years, they say, Brooklyn has seen a 52.7 percent drop in home sales, from 12,089 to 5,716; that’s 37.5 percent this year alone. A couple of other articles spotlight individual homes in hard hit neighborhoods. In Sheepshead Bay, one family purchased a $630,000 attached brick home last year and couldn’t keep up on mortgage payments; the house has been on the market since early summer. In Greenpoint, a family has been trying to trade up from a north Brooklyn condo to a home in Westchester, but even after they lowered the price, no go: interested buyers couldn’t get financing. In Bushwick, a woman’s home is in foreclosure after tenants didn’t cough up the rent. And in Park Slope, a couple offered less than asking price, citing condo projects in the area that haven’t sold at all; they call it a “buyer’s market.” Their offer was accepted. Meanwhile, other neighborhoods poised to be the next Slope or ‘Burg are hurting, too, they write.
Trendy Neighborhoods Can’t Escape Housing Slump [NY Daily News]
City’s Housing Market Hammered in Fallout from Woeful Economy [NY Daily News]
Photo by Runs With Scissors.
I’m sorry, but I don’t get any jokes.
The What
Someday this war is gonna end…
I’m sorry, but I don’t get this joke.
Anyway, where was that photograph at the top of this story taken? It is very rather depressing looking. I’m sure all of those houses had some decent detail originally and looked respectable before the unfortunate advent of aluminum and then vinyl siding.
…
I know I am.
nice one dib
C’mon…eveybody’s looking for a “bottom” in one form or another!!
…of course I should point out that as between Sebb and The What only one of them has proven correct about anything he has said at this point.
Sebb cracks me up. He’s basically the anti-What. They both have about the same critical thinking skills and the same penchant for cut-and-paste arguments, but their views are on exactly oppsite ends of the spectrum. It’s like matter and anti-matter.
What we really need to to get Sebb in a fight with the What. How hilarious would that be?
Ugh, sebb – do we have to keep revisiting this? I’m not “waiting” for the bottom, but how on earth can I be losing in this market by not rushing when prices are coming down all around us? A few houses we were interested in this past spring later had big price cuts – if we had bought them quickly, we would have paid much more than we later would have. So in this market, one does NOT lose money by waiting. Price cuts more than offset the money spent in rent, tax breaks, etc. I will buy a place when it’s one we love, at a price that makes sense and that we can afford, but it’s very clear from every indicator that waiting can *easily* save us substantially when the direction of the market right now is clearly *down*. Just look at this blog – houses that came on the market at one price frequently later cut over 100K – and sometimes much more – off the price within matter of weeks. Rail all your want, but you a voice that is lonely in the wilderness of a bear market.
Sebb,
Let me know when you get your head out of your a**.