NYC mayor: housing market “dramatically” slowing
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.
Caveat Emptor,
Grim
The Crash is going on.
Expect 50% price drops!
We’re starting to think that Toll Brothers and other developers have enforced an information lockdown in Hoboken.
The real estate in the city is in crisis, but all the local public sources with available real estate information have been whitewashed. It is really conspicuous and disturbing to a number of people.
Grim:
By the way, a website that runs a posting board for Hudson County has been neutered. We suspect that the moderator’s advertisers are exerting pressure on him either from threats to pull support, or else possible litigation. These thoughts are pure conjecture at this stage.
if the usa today article this week didn’t strike fear into the nation’s hearts of the real estate crowd … this sure as hell will.
i like the guy for being honest. i actually think this will expedite the ‘bubble mania’ that’s going on.
I think this is a good thing, as long as panic doesn’t set in.
chicago,
Pretty sure I know the site you are talking about.. Any more info/background you can offer up?
grim
Grim:
Nothing of substance. However, I feel bad for the guy, because months of hard work and building of public goodwill is starting to go up in smoke.
You made the correct decision to remove the advertising, becuase no one will ever be able to question the objectivity of the material presented here.
chicago
ChicagoFinance:
Which Hudson county website are you talking about? I live in Hoboken and I’d love to hear the inside story on this market.