14% hike in Real Estate market prices in Manhattan

Manhattan is considered as the most expensive market for large housing in the US

. The home prices in this market appear to be gaining stability and it seems that the prices will continue to grow. Coop as well as condo prices showed a good gain between 7.5%-14% in the 3rd quarter of 2010. This is the increased gained over the prices in the same period in last year.

This hike in Manhattan Real Estate market is not just a sudden burst of boom. This is the 3rd quarter in a row when the prices went up and it shows that the Real Estate market in Manhattan is actually stabilizing. Also the demand for homes has surpassed the inventory supply which went down by 25% compared to the peak inventory stock of March 2009.

It was reported that the homes were sold out pretty quickly. For a normal house on market it took 127 days to be sold out whereas it took 167 days during the 3rd quarter of the year 2009. However, the figures may be a little out of the line, because the market may look stronger that it actually is. Analysts are saying that the prices are not really rising. According to them, the indicators are actually rising because of normal sales mix. The local economy of New York is improving. The stock markets also jumped up by 10% in the 3rd quarter. Analysts think that recovery is not the perfect word for this upswing because the prices are not really taking off.

Manhattan market is still facing on problem and it is the problem of getting new mortgages. Though the rates of interests are low, the hurdle of underwriting department is a major one where people are stumbling and facing problems in securing mortgages. Hassles include huge documentation and high credit scores.

Irrespective of the happenings in the Manhattan Real Estate market, the entire economy is still in troubles and the foreclosures are actually causing troubles. However, the opportunities of investment are still there and those interested in purchase or invest in a foreclosed house can get big savings.

For the latest updates in the foreclosure market and for the most updated foreclosure listings, visit ForeclosureDataBank.com.

14% hike in Real Estate market prices in Manhattan

By: rudsontren

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