651 Washington Street
5 beds•3.5 baths•2,856 ft²
Townhouse in West Village
71 Thompson Street
2 beds•1 bath
Rental Unit in Soho
30 Park Place
Condo in Tribeca
12 sales•1 rental
The good news is our housing market is finally healing from the collapse of 2007
Home prices are rising at the fastest pace in 6 years
Home purchases are up nearly 50%
Construction is expanding again
So, suddenly the national market matters to Manhattan?
If so, that would indicate... what, another 2 years of lousy for Manhattan, given we started the decline two years later.
Way to draw a conclusion.
There's nothing good about rapidly-rising home prices, unless you're a baby boomer looking to downsize, and in the process rake in a huge windfall from some poor under-40 schmuck who's already being taken advantage of by your generation in just about all aspects of life.
"Way to draw a conclusion."
Way to start with about as bad an analogy as possible. You keep topping yourself in your shill...
true all that tzero
Citing Bernanke's assertion that one of the benefits of QE had been the rise in home prices, Garrett said the following
"Previously you have said that the Fed's monetary policy actions earlier this decade, 2003 to 2005, did not contribute to the housing bubble in the U.S. So which is it? Is monetary policy by the Fed not a cause of inflationary prices of housing, as you said in the past? Or is it a cause of inflating prices of housing? Can you have it both ways?"
"Yes," Bernanke said, much to Garrett's surprise. The increase in home prices now is justified by the low level of mortgage rates, he said. On the other hand, those rates averaged 6 percent in the early part of the last decade and "can't explain why house prices rose as much as they did."
What he didn't say was that the percentage of adjustable-rate mortgages soared to a record 37 percent of total mortgage volume in 2005. From mid-2003 to mid-2006, ARM volume averaged 30 percent. The interest rate on ARMs is priced off the Fed's overnight rate. It was this type of loan that witnessed the most egregious underwriting abuses and the highest delinquency and foreclosure rates.
Garrett 1, Bernanke 0.
somewhereelse is still waiting to see evidence of that NYC real estate crash that he is sure happened.
In hind sight I'm not surprised that prices have gone up.
Geithner and the banks worked to slow release of foreclosure inventory, limiting supply, and the rich are active buyers of investment properties. The only worrisome aspect of the buying is it's coming from the wealthy, so we're seeing more second home and investment properties being bought and less primary residence.
Somewhereelse thinks there's a conspiracy.
The words in the OP were directly out of Obama's mouth. That's it.
Any updated opinion from somewhereelse since his prediction 2 years ago about what would occur in 2 years?