Mayor Bloomberg Warns of Bubble
"NEW YORK, Jan 20 (Reuters) - New York City Mayor Michael Bloomberg on Friday said the real estate market was slowing "dramatically" and only a "miracle" could stop soaring mortgage rates from eating into housing prices.
Consumers are definitely feeling the pinch of higher mortgage lending rates and are not quite as eager to snap up a new home especially at time when house prices in the Big Apple are near record-highs, the Republican mayor said in his weekly radio show.
"The real estate market is slowing down dramatically and we're going to have a problem down the road," Bloomberg said."
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Consumers are definitely feeling the pinch of higher mortgage lending rates and are not quite as eager to snap up a new home especially at time when house prices in the Big Apple are near record-highs, the Republican mayor said in his weekly radio show.
"The real estate market is slowing down dramatically and we're going to have a problem down the road," Bloomberg said."
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posted by Little_Silvered at 11:01 AM
1 Comments:
real estate is done
listings are at all time highs
if you purchased r/e over the last 3 years you WILL BE in the hole very soon.
You will see a 10 year bear market in r/e
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