Gowanus Canal in Brooklyn Is Given Superfund Status
The federal Environmental Protection Agency announced Tuesday that it was designating the Gowanus Canal in Brooklyn a contaminated Superfund site, opening the way for a cleanup of the long-polluted waterway.
U.S. Economy Grew at 5.9% Annual Pace Last Quarter
The U.S. economy expanded at a 5.9 percent annual rate in the fourth quarter, more than the government reported last month, reflecting stronger business investment and a greater contribution from inventories.
Bernanke Reaffirms ‘Extended Period’ of Low Rates
“Although the federal funds rate is likely to remain exceptionally low for an extended period, as the expansion matures, the Federal Reserve will at some point need to begin to tighten monetary conditions to prevent the development of inflationary pressures,” Mr. Bernanke said in a prepared statement.
New-Home Sales at a Low in U.S.
New-home sales unexpectedly fell to a new low in January while mortgage applications dropped last week to the lowest level since 1997, according to data released by the Commerce Department. The reports rekindled worries that a turnaround for the housing market would be elusive in an era of high unemployment and huge debt burdens.
Housing Prices: Up, But Not by Much
The Case-Schiller housing price indexes were released this morning, and both the Composite 10 (C-10) and the Composite 20 (C-20) showed monthly increases of 0.3% on a seasonally adjusted basis.
Citigroup Offers to Help Americans Lose Their Homes
With much self-congratulatory fanfare, Citigroup (C) announced a new program to help itself maximize profits on foreclosures – as it boots one American family after another onto the streets.Citigroup's “generous” offer allows foreclosure victims to stay in their homes for up to six months, along with a grand sum of $1,000 to help their victims try to start over again. In return for Citi's generosity, the homeowner agrees to sign over title of the property to Citigroup – and thus Citi avoids a formal, foreclosure proceeding.
Home Builders Are Back, Kinda
The good news continues rolling in for home builders, who hope they’ve hit bottom and are in recovery mode. But, as we’ve told you before, headwinds remain for the beleaguered sector. Bank of America Merrill Lynch started seven builders with a “buy” rating, a bullish view based “on an expectation of growth in 2010 driven by improving economic conditions.
Mortgage Rates Flat at 4.94%
Mortgage-loan applications dipped 2.1% for the week ended Feb. 12, the Mortgage Bankers Association reports. This comes as the average mortgage rate for 30-year fixed loans remained flat at 4.94%, with a slight increase in points.
Years of Street Work Planned for Tribeca, North and South
Shane Ojar, a deputy director of the city’s Department of Design and Construction, told Community Board 1’s Tribeca Committee on Feb. 17 that a five-and-a-half-year replacement of water mains in northern Tribeca could start by the end of the summer. In addition, he said, crews will begin a three-year overhaul a five-block-long stretch of Chambers Street in early April that will narrow the street to one lane for the duration of the project.
Concrete-Testing Company Guilty in Partial Verdict
A concrete testing company and its owner were convicted on Wednesday of filing false test reports on various projects throughout New York, including the new Yankee Stadium, the Freedom Tower and the Second Avenue subway line.
Aerial Photos of World Trade Center Attack Are Released
Newly released aerial photographs of the World Trade Center terror attack capture the towers’ collapse, from just after the first fiery plane strike to the dust clouds that spread over Lower Manhattan and New York harbor. The images were taken from a police helicopter carrying the only photographer allowed in the air space near the towers on Sept. 11, 2001. They were obtained by ABC News after it filed a Freedom of Information Act request last year.
Mortgage recording taxes for Co-ops?
It is on the table. In the governor's cross hairs are loans for co-ops, which have long been free of taxation, while taxes on equivalent condos and houses run between 2.05 percent and 2.175 percent of any mortgage. The budget seeks to allow the city to slap this mortgage recording tax onto co-ops, swinging the tax lasso around a cash source that has been eyed-but untouched-by city officials since at least the days of Ed Koch.
Today we're introducing the first in a series of selections from a special report "Inside the Credit Crisis: Why and how it happened— and what's next"; produced by our friends at the Wharton School and writer Jeff Brown. It investigates how the credit crisis was triggered when "Wall Street alchemists, overeager borrowers and aggressive lenders, let their eye for opportunity, trump their nose for risk". As a result, mortgages are harder to get. In the Manhattan real estate market, Wall Street employees are cautiously assessing their future prospects and adopting a wait and see attitude. We'll be posting several videos and transcripts in the coming days, so stop by again soon, or better yet, subscribe to our RSS feed to stay connected with the latest postings on comitini.com. Your comments are always welcome too.
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