Report shows positive signs for NYC housing

TRD New York /
Mar.March 04, 2011 08:56 AM

(source: Halstead)There’s reason to be optimistic about the city’s residential real estate market after recent data highlighted a trio of positive indicators. According to a new report compiled by Gregory Heym, Halstead’s chief economist, the city added private-sector jobs in 2010, after posting a net loss in that area the previous year. The gains were led by the education, health and hospitality fields, even as government employment fell by more than 17,000. Meanwhile, Wall Street firms had their second-highest profit total ever in 2010, with $27.6 billion. Although Wall Street cash bonuses fell by around 8 percent, as expected, firms are paying higher salaries and deferring compensation to make up for it. As The Real Deal previously reported, total compensation actually grew in 2010, leading industry experts to believe that the residential real estate market is in store for growth as well. Mortgage rates, which have rising in recent months as a reflection of improving economic conditions, dipped slightly at the end of February, which could be good news for the housing market as some analysts had worried that if mortgage rates rose too quickly, potential homebuyers would stay on the sidelines. TRD


Related Articles

arrow_forward_ios
Wall Street investors are prepared to buy and turn single-family homes into rentals when forbearance programs expire and homeowners look to sell. (iStock)

Wall Street investors bet on single-family rentals as mortgage payments stack up

Wall Street investors bet on single-family rentals as mortgage payments stack up
(iStock)

Landlords lost about $9B in rental payments last quarter: report

Landlords lost about $9B in rental payments last quarter: report
Fed Reserve Chairman Jerome Powell (Getty)

What low interest rates through 2023 means for real estate

What low interest rates through 2023 means for real estate
As rates hold steady at 3 percent, the average loan hit another record high: $370,200 (iStock)

Size does matter: Mortgage loan average swells to new record

Size does matter: Mortgage loan average swells to new record
Ed Adler and Wendy Silverstein (Getty)

Wendy Silverstein, Ed Adler launch loan restructuring biz

Wendy Silverstein, Ed Adler launch loan restructuring biz
The rates for a 30-year fixed-rate mortgage dropped 7 percentage points for the week ending September 10, reaching 2.86 percent. (iStock)

Mortgage rates notch new low

Mortgage rates notch new low
The average size of a home loan hit a new record of $368,600 (iStock)

Mortgage size hits record high as rates slip

Mortgage size hits record high as rates slip
Mortgage refinancings jumped 200% the second quarter, a record high, as lenders provided over $1 trillion in home loans. (iStock)

Mortgage refinancings hit record high in Q2

Mortgage refinancings hit record high in Q2
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...