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Well, piece of crap aged houses in Northeast Queens now cost well over $900k so more people are crossing into Nassau thus making housing costs to further skyrocket. Absentee foriegn investors from Asia/China and other places will also make things worse too (like what they did to Manhattan).
The rich are flooding the better areas of the island while the illegals and MS-13 are flooding the more affordable parts. Nassau will soon have EXTREME inequality like Manhattan or Brazil with few middle class people and families with normal incomes being forced to rent.
Last edited by MemoryMaker; 04-13-2017 at 06:07 PM..
Hmmmmm, Martinx says there will be a 75% decrease in home values???
And today we are off to a good start;
Wells Fargo's mortgage business, the largest in the United States by volume, saw a 23 percent drop in fee income to $1.23 billion as customers shied away from refinancing their home loans.
Mortgage borrowing was likewise a dark spot in JPMorgan's results, with mortgage fees and loan servicing revenue tumbling 39 percent to $406 million from $667 million.
Prices don't always go up! Most people buy at the high; and sell at the low.
Wells Fargo's mortgage business, the largest in the United States by volume, saw a 23 percent drop in fee income to $1.23 billion as customers shied away from refinancing their home loans.
Mortgage borrowing was likewise a dark spot in JPMorgan's results, with mortgage fees and loan servicing revenue tumbling 39 percent to $406 million from $667 million.
Prices don't always go up! Most people buy at the high; and sell at the low.
Of course there is a drop in mtg Refi!!!!!! We are coming off historically mtg rate lows!!!!! Rates were in the 3's 1-5 years ago.
It's a national trend. Not sure where MLSLI came up with those numbers but Natl Assoc of Realtors charts show Nassau prices up 2.3% and Suffolk up 4.9% for year 16-17. National average is 7.6% so we continue to lag. As always, LI saving grace is that we aren't making any more land and not allowing any real development so demand is usually high, especially when interest rates are low and the city is up in value 18% in spots (the Bronx). It's better than being down but it's not a sign of some miracle. We lag the nation in price appreciation and we still pay some of the highest taxes in the country. http://www.nysar.com/docs/default-so...a.pdf?sfvrsn=0
Bigger issue is we continue to bleed jobs and industry and the ones that stay or come in are being given fat tax breaks on the backs of homeowners, the LI way.
Well, piece of crap aged houses in Northeast Queens now cost well over $900k so more people are crossing into Nassau thus making housing costs to further skyrocket. Absentee foriegn investors from Asia/China and other places will also make things worse too (like what they did to Manhattan).
The rich are flooding the better areas of the island while the illegals and MS-13 are flooding the more affordable parts. Nassau will soon have EXTREME inequality like Manhattan or Brazil with few middle class people and families with normal incomes being forced to rent.
Really? Illegal aliens and gang members are going to flood the "affordable" parts by putting 20% down on a $400k house and taking a 30 year mortgage?
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