City Slowdown in Mortgages Hits Home
More than 25 percent home loans in New York City in 2009. But now, 24,500 home loans made in the city last year were almost 60 percent fewer than the number issued during the peak lending year of 2004. In 2009 about 5 percent from 2008 and were down roughly 50% from their 2005 peak, that its loan originations declined from new study. This situation in New York is any worse than the rest of the country. For market more strong than time of decline, the big declines was lending but not come until 2009.
Market for loans in the city has started to rebound in 2010, but is still off from the highs seen in the boom years. One of the company’s loan volumes is up at least 25% in 2010 compared with the same period in 2009. But in Manhattan saw the biggest decline in home loans in 2009, falling by 42% from a year earlier. Generally, number of loans issued in New York was declined overall last year, lending to low- and moderate-income home buyers increased by 6 percent. Nationally, loans issued to low- and moderate-income home buyers—define as those earning less than 80% of their metropolitan area’s median income—jumped by nearly a quarter.