Weekly Roundup: Renters, new market stats, dropping loan rates, foreclosure purchase risks, credit misconceptions, kitchen trends, and more

Renters don’t stay put for long in the financial district

New York magazine explores world of platonic urban cohabitation i.e. roommates

Housing signals mixed in metro region

Four things to bear in mind when buying an apartment for your kids

19 percent more building permits issued in 2012 than in prior year

Committee ranks Upper East Side tops for kids, Bay Ridge beats all other Brooklyn neighborhoods

Request for proposals to redevelop Lower East Side sites signals end of bitter renewal squabbling

Foreclosures in region higher in December than a year earlier

Estate in the Hollywood Hills finds friendly buyer but at greatly reduced price

Legendary rocker Continue reading

The Economist asks why commissions are so high

“Why is it so expensive to buy or sell a house in America?” the Economist magazine recently asked.

According to the magazine in its unsigned piece, the short answer is greed.

It reports that my British counterparts charge just 2-3 percent of the sale price to “list the property, find a buyer, help you negotiate a deal and guide you through the transaction.”

Forget that here, the Economist says in its article, titled “The great realtor rip-off:”

The demise of the 6% commission may still be inevitable. But for now, it seems a long way off.

According to the magazine, one theory Continue reading