TheWashington Post spends several hundred words writing about how would-be homeowners have stopped searching for properties. Then, the story ends on this note: “The only bright spot for the housing market is that the excess supply of homes got a tad smaller last month, mostly because prices have fallen so low that buyers are snapping up deals in some places.” Huh? So, are people buying or not? Which is it?
Save Connecticut! Business Week reports on what cities and towns are being impacted the most by the financial crisis. The epicenter seems to be Fairfield County, home to Greenwich, Westport, and Darien, Conn., where close to 30 percent of the population works in finance and the median salary is roughly $170,000. (But, hey, if you’ve got enough for a down payment, and you’re looking for some good deals, Business Week seems to have found the least enticing pictures of some neighborhoods to check out.)
Always wanted to be a homeowner? Well, congrats: we’re all homeowners now, thanks to our little Fannie/Freddie purchase, writes the Washington Post. “The housing crisis has left Fannie Mae as the owner of 54,173 properties as of June, according to the company’s most recent filing with the government.” The story also includes a completely stunning rundown of how foreclosure numbers have ballooned in Prince William County.
In 2005, the county had 52 foreclosures. In 2006, the number jumped to 282. In 2007, there were 3,344. Through August of this year, there were 5,485.
“Maybe the greatest real estate coup of all time?” questions New York Magazine. 190 Bowery is a six-story, 72-room, 35,000-square-foot (depending on how you measure) single-family home that was purchased for $102,000 in the mid 1960s. It is now worth between 30 to 70 million, according to various real estate brokers.