When it comes to the suburbs and especially the exurbs, look back to the cities. Consider these facts:
- Three quarters of recent college graduates and young professionals say they plan to live in an urban core even if it costs them more money than elsewhere and their living space is smaller;
- Baby Boomers are listing their suburban homes to live near urban amenities;
- Household size continues to diminish along with household formation;
- The housing crisis has caused plunging building permits, undeveloped subdivisions and price increases that lag the cities;
- The flagging economy has pushed up unemployment rates and poverty in the exurbs;
- Real estate investors have no interest in suburban office parks and commercial real estate in more distant suburbs.
Those are not my observations, but Continue reading
The mortgage loan delinquency rate in Brooklyn, the Bronx and Queens in the final quarter of 2010 was up from year-earlier levels, according to a recent quarterly analysis. The uptick could well lead to a rise in foreclosure activity in coming months.
Manhattan was the only borough to see a decline in delinquencies, with a slight drop of 0.04 percentage points in the period.
APARTMENT MARKET SHOWS POSSIBLE SIGNS OF STRENGTH
Sales in the Manhattan co-op and condo market show signs of bouncing back after dropping sharply last month, reports the Wall Street Journal.
January sales were hurt because Continue reading