Property developers and financiers – including international companies that have invested heavily in everything from trophy office buildings to Brooklyn residential renovations – are being whiplashed by the spreading credit crisis, which has brought New York’s real estate market to a screeching halt.
Some are rushing to draw down credit lines before they are withdrawn, while [...]
Home foreclosures in Stamford Connecticut remained low compared withother cities hit by the subprime mortgage crisis, but they more than doubled over the past year, according to the mayor’s office.
Foreclosures increased in each of the past four quarters, rising from 15 in the final quarter of last year to 39 in the third quarter this [...]
As insulated as Long Island real estate has been through past recessions, experts say the recent collapse of financial firms on Wall Street will eventually result in lower prices and higher vacancies in commercial properties here.
The departure of Bear Stearns, Lehman Brothers and Merrill Lynch put the fate of more than 3 million square feet [...]
Home sellers, agents and brokers nervously tuned in Monday to news of Wall Street titans collapsing or teetering, as Lehman Brothers Holdings Inc. filed for bankruptcy, Merrill Lynch & Co. was sold to Bank of America Corp. and New York-based insurance giant American International Group Inc. struggled to stabilize its finances.
Until now, the New York [...]
After watching housing prices moderate this summer, Eric DeVaudreuil decided his time had come.
DeVaudreuil signed a contract in August to buy a condominium at Riverfront Lofts in Westbrook. The price he’s paying — $197,000 — is $8,000 less than what a comparable unit in the renovated mill complex sold for earlier this summer.
“We’re probably at [...]
Connecticut Governor M. Jodi Rell today announced the state is offering a series of free forums around the state over the next three months to help homeowners with subprime adjustable rate mortgages convert them to traditional 30-year fixed rate loans.
“Holding on to the American dream is more difficult than ever in this current economic climate,” [...]
Seeking views, Sara Antani bought a 17th-floor condo last August in a new Manhattan high-rise with floor-to-ceiling windows overlooking the Hudson River.
Glen DiCrocco
The sun faded Sara Antani’s sofas and made it tough to read her laptop until she installed shades in her Manhattan high-rise.
She got her vistas. But she got other things she didn’t bargain [...]
The nation’s two largest secondary mortgage corporations, Fannie Mae and Freddie Mac, say they’ll stop buying subprime mortgages in New York State. Banks lending in New York will have to change their mortgage origination systems to reflect Fannie Mae and Freddie Mac’s exit from subprime lending in the state. It is unclear yet how onerous [...]
Mercer County’s more affluent communities, including Princeton and West Windsor, have experienced an increase in foreclosure notices during the past year, according to an analysis by The Packet of records filed with the county clerk’s office.
Both towns have seen a tripling of initial notifications of foreclosure proceedings, year over year. In Lawrence Township, such notices [...]
The total number of foreclosure events – notices of default, notices of sale and lender purchases – in Maryland declined about 22 percent from April to June from the first quarter of 2008.
The change indicates new state laws – that require lenders to jump through more hoops and wait longer to take back a home [...]