This Week in Real Estate News
Fall is officially here – brisk weather, sunshine, blue skies. The leaves are going to start changing soon…so what’s changing in the real estate market these days? Two interesting developments have come online since October rolled in.
First, it appears that perhaps even Batman/Bruce Wayne might be priced out of the Manhattan real estate market soon. Property values in Manhattan have risen a whopping 14% since this same time in 2009. If you needed any incentive to stay nestled into the Rocky Mountain region, the median price for an apartment clocked in at $890,000 in the Big Apple. We had to laugh a bit when the CEO of the Corcoran Group, a leading New York real estate firm, stated, “It’s now a very normal, back-to-basics market in New York.” We’ll take Colorado Basics, thank you!
Now, we’re also a bit in a quandary about a new federal program coming online for those who are unemployed and can’t pay their mortgages. Soon, homeowners will be able to apply for a loan up to $50,000 to cover payments and expenses in arrears through the Emergency Homeowners Loan Program. And, here’s the ring-a-ding: the entire loan amount could potentially be forgiven if the homeowner stays in the home for five years. There are some criteria you must meet to qualify. To learn more about the program, visit HUD’s website. Note that not all states are eligible to receive funds.
We’re going to get ready for the weekend here in Ridgway and we invite you to do the same! Check out our local events calendar for the latest goings on in the area and maybe we’ll see you out and about this weekend.
The Staff at San Juan Realty, Inc.
Tags: federal bailout, housing news
