From the February issue: Ever since the credit crunch barreled into Manhattan, New York City condo developers have partnered with preferred lenders to help their buyers get mortgages in a difficult financing climate.

Until recently, however, individual home sellers rarely got involved in buyers’ mortgage woes. But that is now starting to change, brokers say. [more]

From the February issue: Ever since the credit crunch barreled into Manhattan, New York City condo developers have partnered with preferred lenders to help their buyers get mortgages in a difficult financing climate.

Until recently, however, individual home sellers rarely got involved in buyers’ mortgage woes. But that is now starting to change, brokers say. [more]

At the current pace, many New York State homeowners in default won’t live to see the day their property is foreclosed upon. According to Harper’s Magazine data cited by Miller Samuel President Jonathan Miller on his blog Matrix, it would take 61 years for lenders to foreclose on all homes currently in default if the current rate continues.

That can be attributed to the robo-signing scandal which has led state attorneys general to crack down on, and thus slow down, the process by which lenders foreclose on properties. [more]

From the June issue: In the easy lending climate of recent
years, it seemed almost anyone, no matter how much money they had in their bank
account, could become a real estate developer. But in the post-boom
world, lenders are hinging much of their decision-making on something
that was previously off-limits: a developer’s personal wealth. Real
estate financial experts say sponsors now must display evidence of
tremendous riches to qualify for a loan, as lenders examine everything
from borrowers’ cars to their vacation homes and their kids’ college
tuitions. As a result, real estate development has transformed from a
great equalizer, an industry offering opportunities for a wide range of
entrepreneurs, to the exclusive province of the rich and famous. [more]