Nationally, new home sales in August plunged to their lowest rate in over seven years, as tighter credit and rising inventories continued to cripple the housing industry; in sharp contrast to the experience within the Manhattan marketplace.
Few neighborhoods in Manhattan offer as much humans scale charm as the West Village.
The Federal Reserve rolled out its most powerful interest rate weapon on Tuesday in a bid to stop the turmoil in housing and financial markets from bringing down the overall economy.
The Bank of England has offered an emergency loan to Northern Rock after the mortgage lender became the biggest British casualty of the credit squeeze sparked by the crisis in the U.S. subprime mortgage market.
Six years ago, in the aftershock of the terrorist attack that reduced the World Trade Center to a smoldering pile, local officials wondered whether people would want to live or work around the financial district again.
Shares fell sharply yesterday and investors sought safety in government debt after a Labor Department report showed an abrupt drop in employment in August and raised fears of a recession.
Employers eliminated 4,000 jobs in August, the Labor Department said today, bringing an end to four years of uninterrupted job growth.
The crisis brought on by worries about shaky subprime mortgages continues to rattle Wall Street. Even as the storm rages, the blame game has begun.
The National Association of Realtors, the national trade group and lobbying organization for the sales side of the housing industry, increased by 163,000 in 2005, to almost 1.3 million members, but grew by only 6,000 in the first six months of this year.
From deeply somber to brightly kinetic, a picture emerged today for the first time of what pedestrians can expect to see five years from now along the Greenwich Street side of the World Trade Center memorial.
The absence of scrutiny on Wall Street had a profound effect on mortgage origination. As mortgage bankers discovered that investors would buy virtually any loan whatsoever, they naturally lowered their standards. What difference whether a loan was sound if you could flip it in 48 hours?
Stocks fell sharply Wednesday as a jittery Wall Street sold off on a report showing a large drop in pending home sales and read anecdotal data from the Federal Reserve's regional banks as offering little more assurance that an interest rate cut is likely. The Dow Jones industrial average dropped nearly 200 points.
Even if the credit crunch passes without a major catastrophe, the prices of stocks, bonds and real estate have a long way to fall.
This is a well done bit of photo journalism by Nicole Bengiveno, a Times photographer who followed the foreclosure process in Atlanta.
The right places to look for contagion are ...not in the white-washed Bear Stearns hedge funds, but in the subprime resets to come and the ultimate effect they will have on the prices of homes...
Investors who tried to turn a profit on the housing market are having an outsize influence on surging mortgage defaults in former boom states like California and Florida.
One real estate company with a non-traditional business model - 90 percent commission splits to agents - is offering another new twist to stimulate deals and attract new agents.
Shlomi Reuveni started his new job on August 20th as senior managing director and executive vice president for Brown Harris Stevens' new development and marketing division.
The Fed chairman says the housing market could weaken further and that the Fed is following the mortgage meltdown 'closely.'
Ben S. Bernanke, the Federal Reserve chairman, said today that the central bank "stands ready to take additional actions as needed" to limit the effect of the recent financial market disorder on the economy as a whole, but he gave no hint that an interest rate cut was on the horizon.
The confusion about these products lies in part in their complexity. Structured products are pooled assets that have been sliced and diced into ever more smaller, more specialized pieces. They offered investors higher returns at a time when traditional fixed income, or debt-related products, were producing low returns.
President Bush, in his first response to families hit by the subprime mortgage crisis, plans to announce several steps Friday to help Americans who have credit problems meet the rising cost of their housing loans, administration officials said Thursday.
"When people want to make it in the arts they come to New York," said Assemblywoman Joan Millman (D-Brooklyn),..."Artists come into communities that are rundown and sleazy and bring a life and vibrancy to that community -- they are an economic engine..."