Today as I went through my feedreader and I got hit with three articles about how well the NY market is doing incomparison to other States. In article by the Real Deal "NY stays a float while the rest of the US Sinks" the article states: "Spring has started out reasonably well," said Wendy Maitland, a senior vice president at the Corcoran Group. "I don't think it's a buyer's market at all. There's a lot of activity and the market is moving at a brisk pace."
I know from what I see I am busy and people are still looking to buy.
I will admit that there have been some and I stress SOME foreclosures that have come up, but the ironic part is that some of the homes that are being foreclosed on are not recently bought homes. I will also admit that yes, some prices have come down. But lets think about this - come down from what? Inflated prices? When a home sells on a block the next home is not getting an automatic increase or 20%. The pricing has what I will say - become somewhat realistic. The inventory has decreased a bit in the past two months and the buyers are out looking for a good deal and the flippers are a part of history, this is just the way that I see it.
With the sub-prime mortgages taking a hit and becoming harder to obtain, you would think that banks would be shutting down. This morning it was announced that Countrywide Mortgages are expanding into the New York area. Although CountryWide will NOT be writting any sub-primes, they feel that the NY area is still solid and they are looking to take a piece of the pie. There have been programs added to fit the NYC co-op/Condo industry and they have plans of becoming a front runner in the NY area.