Results tagged “homesales”

Depending on which real estate brokerage's report you read, Manhattan home sales have fallen by either 47% or 58% during the first quarter of 2009. The NY Times, using the 58% number (from a Brown Harris Stevens & Halsted report), put the news in perspective this way: "The drop in sales was worse than the decline in the auto industry. In March, sales at General Motors were off 45 percent from March 2008."

It's a hump day surprise! U.S. stocks are climbing based on better-than-expected data on home sales and durable goods. New home sales grew by 4.7% in February, thanks to low prices and mortgage rates; however home prices dropped 18%, between Feb. 2008 and Feb. 2009. A Credit Suisse economist said, "It’s a step in the right direction," but noted, "We still have a lot of supply to absorb before things get back to normal." And orders for durable goods rose 3.4%, the first uptick in seven months. Right now, the market is up about 2%.

Keep on sucking, economy! Home sales have plummeted 43% in Brooklyn over the past twelve months, hitting the neighborhoods of Bensonhurst, Crown Heights, East New York and Bedford-Stuyvesant worst. Even sales in Williamsburg and Greenpoint are slowing down, and when brokers do close, it's for a lot less money. "This is definitely not good," one broker tells the Post. "The phones have just about stopped ringing." But construction worker Alex Reyes sees the silver lining: "I'm finally getting close to being able to afford a home."