I don't know if you read this yesterday but it made me think. Ok. Look at the picture. Nice couple, very cute baby. They want to buy an apartment in Manhattan for $749,000. They want to borrow $722,000. They want to do this before the mortgage limit goes down to $625,500 in October.
Um. Excuse me? Did I read this right?? A $27,000 down payment for a $750,000 apartment? And I am supposed to feel SORRY for these people?? Now, if they were in Trieste, and, for heaven's sake don't try to find a nifty loft like that in Trieste, because you'll never find one (although for $750,000 you could find a pretty kick-ass apartment in a historic building, or, gosh, maybe you could buy the whole damn building!) the bank would LAUGH them back out onto the street.
They would say-- WHERE IS YOUR 20% DOWNPAYMENT? That would be $150,000.
I'm sorry, New Yorkers! I don't want to be be mean, but, on the other hand, what if no one could buy apartments because of this problem? Would that housing market eventually give itself a badly needed bitchslap? You tell me...
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