Report shows positive signs for NYC housing

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

The 30-year fixed-rate average fell to 3.45 percent (Credit: iStock)

US mortgage rates hit 3-year low

William Zeckendorf and his brokerages are making moves. (Credit: iStock, Getty Images)

William Zeckendorf wants to build an army of NYC homeowners

Refinancings spur mortgages to record high

The mortgage industry is booming

Some investors continue to find U.S. commercial real estate as attractive places to park their capital (Credit: iStock)

Brexits and Bubbles: How investors view Europe’s shaky real estate market

Jack Terzi and 23 Wall Street (Credit: Wikipedia)

Jack Terzi finalizes 99-year lease option at 23 Wall Street

Nightingale’s Eli Schwartz and 111 Wall Street (Credit: Google Maps)

Nightingale partnership closes on $175M purchase of 111 Wall

The bank is accused of systematically trying to foreclose on mortgages after the state’s six-year statute of limitations had passed. (Credit: iStock)

BNY Mellon faces suit over foreclosures from the housing crash

Seattle, Washington (Credit: iStock)

Good luck buying an affordable home in these US cities