Weekly Roundup: March of rents in May, skyscraper wars, all-cash offers, inventory, continued rate increases, £2 million trailer

Manhattan rents gain substantially over year ago, two reports show, but Brooklyn’s median drops

Another report details continued upward march of rents in Manhattan and Brooklyn

Columbia think tank cites need for small city of new housing to accommodate population growth by 2040

Mayor outlines $20 billion storm protection plan one day after FEMA releases new flood maps

Then Bloomberg proposes major change in building code to enforce additional safeguards

Skyscraper wars dominate new developments

O’, the heartbreak of broken relationships among leaseholding couples

Borrowers rarely can utilize VA loan program in NYC

Outdoor flea, food market begins in Long Island City

He aces sale of of beachfront Malibu home for Continue reading

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With thinking come murmurs of my mind

Housing recovery will depend on bitter medicine. (Flickr photo by aussiegall)

Experts cannot agree on how long housing’s crisis will continue or how to fix the problem.

You may have noticed  my characterization of the situation as a “crisis,” and certainly everything that has happened in housing in the last three years has been tragically dislocating to millions of families and profoundly harmful to the economy. No one knows when it all will end or even how bad things will be when it’s finally over.

The effects of the bursting bubble have thrown lives into chaos and helped make a shamble of the economy, and that’s where the word “crisis” comes in. Whether ameliorating the crisis means that the nation will–or should–return to 68-69 percent home ownership is another matter on which I have written and will consider again below

Meantime, allow me to quote some of the sources in the Bloomberg piece that I mentioned in my post yesterday. For example:

Morgan Stanley housing strategist Oliver Chang:

Whether it’s the sidelined, shadow or current inventory, the issue is  Continue reading

A Times real estate column gets it right. Finally.

Flickr photo by Big Fat Rat.

Reading the business section of yesterday’s New York Times, I found myself nodding in agreement at a column written by Damon Darlin.  The headline was “Great Time to Buy (Famous Last Words).”

As any regular of this blog knows, I have so many pet peeves that I’d need a whole zoo to contain them. Mr. Darlin mentions one that looms large just inside the entrance of my teeming zoo and represented in the photo above:

“‘IT’S a great time to buy a home.’ Continue reading