Buyers seek to renege on contracts in 20 buildings

Will the last one out of 505 W. 47th St. turn off the lights?

The Real Deal has found buyers asking for their deposits back on nearly 400 units within 20 buildings. In one case, more than 50 percent of the buyers in a building, the 505 in Hell’s Kitchen, filed lawsuits in federal court asking for return of their deposits.

Many experts are hovering around a crystal ball

When it comes to predicting the direction of the housing market, there is no shortage of opinions.  Below you’ll find excerpts from “The Soothsayers” section of my forthcoming e-newsletter,  Realty Digest, which I write every two weeks.  My next newsletter will be issued around noon on Friday, Nov. 4.

Take your pick from the excerpts, draw your own conclusions and forward your comments to this blog:

Thanks to "spratmackrel" for this image

• Housing starts will increase by 36 percent next year and the housing sector will contribute to economic growth for the first time since 2005, according to the November survey by the National Association of Business Economics.

• First American CoreLogic predicts continued declines in most markets, albeit at a slowing rate, for the next six months, followed by a rebound in the spring.

• Harvard economist Edward Glaeser doesn’t foresee property values rising to previous levels even in attractive locales. “The harsh reality is that real estate prices that go up come down. I’ve found that for every real $1 increase in local market prices over a five-year period, prices go down 32¢ over the following five years,” Glaeser says.