New York’s Mortgage Woes in Real Estate
Posted in USA by: MarieThere is a mortgage crisis in New York, not only in low cost houses, but also in homes that are valued $500,000 or more.
Real estate agents say that lending activities in the area has fallen dramatically even during this peak season, when buyers and sellers should be busy. Mortgage bankers say that the change is due to tighter financing. Since the borrowers are starting to find it hard to get lenders who will fund big amounts of financing, they do not bother to buy at all. And even when they do, they usually end up in banks charging as much as 9% in interest.

