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New York

Mortgage market molasses

While NYC residential lending is loosening in some corners, the industry is moving slowly in its recovery

From the January issue: The debt crisis may be rocking Europe’s economy, but in a strange twist, it’s actually had something of a positive effect on New York City’s mortgage market — at least for now.

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In this month’s Q&A, The Real Deal talked to mortgage brokers and mortgage experts, who said that investors are pouring capital into U.S. Treasurys, which is, in turn, helping to keep mortgage rates low and attractive to buyers. Of course, the turmoil in the global economy is not all good news. It is, of course, also rattling buyers’ confidence. And the mortgage industry is still depressed compared to a few years ago, as evidenced by the fact that the mortgage industry itself employs a fraction of the people it once did. [more]