17 August 2007

"Crunch all you want. We'll make more."

When in doubt, just print up some more money.
Soon the U.S. dollar will be as precious as Old Turkish Lira.

With the economy acting as though it's on a roller coaster given concerns about credit and mortgage markets, NYC real estate brokers are feeling the pains. Awwwww.

Some potential buyers who would have qualified before issues with the mortgage issues now find themselves struggling to get the loans they need and being asked to put more of their money down. However, it's a bit hard to be sympathetic to someone looking for a $3.3 million mortgage or someone who makes $500,000/year failing to get an $850,000 mortgage, which were two examples in the NY Times.

The Post spoke to a number of real estate brokerages. Prudential Douglas Elliman's vice chairwoman Dolly Lenz says that apartments over $5 million would probably be hurt by the stock market's tumult, but activity is still healthy for apartments under $5 million.

Apartments for over $5 million!? Will you just shut the f#ck up.

No comments: