Wow.
Wow.
Thanks HP readers for the link
New York City Mayor Michael Bloomberg on Friday said the real estate market was slowing "dramatically" and only a "miracle" could stop soaring mortgage rates from eating into housing prices.
Consumers are definitely feeling the pinch of higher mortgage lending rates and are not quite as eager to snap up a new home especially at time when house prices in the Big Apple are near record-highs, the Republican mayor said in his weekly radio show.
"The real estate market is slowing down dramatically and we‘re going to have a problem down the road," Bloomberg said.
"If people who want to sell their houses have to wait a longer time before someone comes along and buys it, it would be a miracle if prices didn‘t start to go down," he said.
January 22, 2006
Escape from New York: New York City mayor freaks out the market: NYC mayor: housing market "dramatically" slowing
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3 comments:
LOL. I love your reference to Escape from New York! That was such a dope movie for me for the time.
If politicians start talking, that should add fuel to the panic.
It will serve them right.
bake,
You've obviously never heard of negative pledge co-op loans.
These are loans designed to be hidden from the co-op board to make buyers look more qualified than they really are.
Don't believe the hype.
grim
Northern NJ Real Estate Bubble
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