New Yorkers who found themselves priced out of the gilded isle in the boom years are bidding farewell to long commutes and skinny-jean chic. Great Recession prices are drawing even the most loyal outer-borough dwellers back to Manhattan. The migrants hail from Hoboken, Astoria and the brownstone blocks off Prospect Park, as
Indications of progress are visible in hard-hit areas, including Las Vegas, parts of Florida and the Inland Empire in southeastern California. Sales in Las Vegas in March, for example, rose 35 percent from last year.
In February, 4.8 million workers were laid off or chose to leave their jobs, yet employers nationwide hired 4.3 million workers too, according to the Bureau of Labor Statistics.
Federal Reserve chairman Ben Bernanke, said that the economic free fall of the last nine months was nearing an end and that the United States should begin a fragile recovery by the end of this year. He stopped short of predicting that good times were around the corner.
For the country as a whole, the Case-Shiller numbers offered the thinnest of silver linings: things are still getting worse, but more slowly. In February, the price of single-family homes in 20 major metropolitan areas fell 18.6 percent from the year earlier, compared with a record drop of 19 percent in January. For the first time in 16 months, the decline was not a record.
Home prices in 20 major U.S. metropolitan areas probably dropped in February at a slower pace, adding to evidence the market may be stabilizing. Federal Reserve efforts to bring mortgage rates down, and government tax credits for first-time buyers, may continue to support sales after an almost four-year slide.
The population growth of the United States will, as it frequently has in the past, snap up all surplus housing that currently exists in growing regions. When that happens, prices will rise and builders will have sufficient incentive to return to the market in some, but not all regions. But first, selling prices must rise to the level that returns the cost of construction and a profit worthy of taking the risk.
If you're a bit bearish on the market and waiting for the right moment to jump in, it is wise to notice that positive signs are popping up, pointing to recovery: New mortgage applications last week for home purchases and refinancing were up 77 percent from the same week in April 2008 and mortgage rates were 4.7 percent last week on average for 30-year fixed-rate loans and 4.5 percent for 15 year loans.
Under pressure to write only ironclad mortgages, banks have become increasingly unwilling to write mortgages for some new buildings, especially if only a small percentage of their units has been sold
As bargain sales of distressed homes soar, financially healthy sellers may need to slash prices to compete.The latest data from the National Association of Realtors, which rattled nerves on Wall Street this week, showed national home sales are still weak. But they also showed how home sellers nationwide have split into two camps. Call them "the haves" and the "don't haves." As in: Those who have to sell, and those who don't have to.
Existing-home sales eased in March 2009 but first-time buyers are responding to low mortgage interest rates and tax credits, according to the National Association of Realtors. Single-family, townhomes, condominiums, and co-ops, declined 3.0% to a seasonally adjusted annual rate of 4.57 million units in March from a downwardly revised level of 4.71 million in February, and were 7.1% lower than the 4.92 million-unit pace in March 2008.
There is evidence of a stabilizing housing market in March as purchases of new homes in the U.S.were higher than anticipated. Sales decreased 0.6 percent to an annual pace of 356,000 after a 358,000 rate in February that was stronger than previously estimated.
The Census Bureau reported that the annual rate at which people moved dipped last year to the lowest rate since the bureau began measuring mobility six decades ago. Fewer Americans moved to another home in 2008 than in any year since 1962 and immigration from overseas was the lowest in more than a decade.The declines appeared to be directly related to the housing slump and the recession.
Elected leaders in New York City will propose a suite of laws and other initiatives on Wednesday aimed at reducing energy consumption and related emissions of greenhouse gases by requiring owners of thousands of older buildings to upgrade everything from boilers to light bulbs. City officials estimated that it would save property owners roughly $750 million a year in energy costs, city officials said. The program would begin in 2013, with 2,200 buildings performing audits and beginning upgrades each year for a decade.
More than half of corporate marketers and communicators believe that their organizations will increase their involvement in environmental sustainability initiatives during the next two to three years, according to a new survey. These issues will be noticeably more important in new developments as the balance between market demand, pricing, operational cost efficiencies, and product differentiation become more understood by consumers.
The new Standard Hotel in the meatpacking district, designed by Polshek Partnership, is serious architecture. The first of a string of projects linked to the development of the High Line, a park being built on a segment of abandoned elevated rail tracks, the new building's muscular form is strong enough to stand up to both its tacky neighbors and the areas older industrial structures.
While sales have picked up a bit in housing markets in the West, creating a glimmer of hope that home prices nationwide may be approaching a bottom, the Manhattan real estate market has begun a steep slide. It parallels the decline in New York’s financial services industry, and some housing analysts say it may continue long after other markets heal...Manhattan housing prices were driven higher by record earnings and bonuses on Wall Street, and they fell hard when the music stopped last fall.
Americans have grown more optimistic about the economy and the direction of the country in the 11 weeks since President Obama was inaugurated, suggesting that he is enjoying some success in his critical task of rebuilding the nation’s confidence, according to the latest New York Times/CBS News poll.
I am on the board of a co-op building — which I happily serve — but the board is constantly harassed by a shareholder about decisions we make that are correct and well within the rights governing co-op boards... How can board members protect themselves from continued harassment from a shareholder?
In the heart of my childhood's Brooklyn; Coney Island was looking pretty good for being dead. A new gear had been put on the Wonder Wheel. The sun licked at the windows of the Freak Bar. There was the smell of fresh-laid paint.