The Smart Team of NOVA® Home Loans

Lender Earnings; Banks Adjust Asset Mix Due to Fed Moves

Posted To: Pipeline Press

“It was a Monday, a day like any other day. I left a small town, for the apple in decay” – so sang Foreigner many years ago. But the Big Apple’s real estate market is hardly in decay. The number of Manhattan real estate sales (about 2,900) was essentially flat in the first quarter, but the average sale price inched up 2.6 percent to $2.1 million. Median sale prices (half above, half below) fell 3.3 percent to $1.1 million. CNBC suggests, “The big question for the Manhattan market is how it will absorb the tens of thousands of new units coming available over the next few months and years. Already, the number of condos on the market jumped 7 percent in the quarter, reaching a six-month supply.” Too bad we can’t spread those new units around to some other parts…(read more)

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Source: Mortgage News Daily

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