Debt Rattle November 14 2014
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DPC St. Catherine Street, Montréal, Québec 1916 • Most US Cities Unaffordable For Average Americans To Live In (MarketWatch) • US Wealth Inequality: T
[See the full post at: Debt Rattle November 14 2014]Re least affordable cities: “New York is No. 23 on the list.” Yes, that’s because availability of cheap financing forced prices higher, competition from institutional buyers and investors buying in bulk, foreign buyers with cash (mortgage with some Chinese bank), and one of the biggest reasons of all: they simply cut off almost all foreclosures in New York and the State of New York. Just not doing them, and people have been living in their houses for years now without paying their mortgage, causing less supply, which in turn keeps prices up.
There are over 600,000 properties that have received foreclosure notices in New York and the six surrounding counties. State-wide, the numbers are closer to 1,200,000 homes. Good luck with that.
Had they let prices come back down (without all of the central bank/government manipulation), younger people would be able to afford a home. Their government is acting against them.
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