New Yorkers, Alone in the Bubble

According to an ABC News report, foreclosures hit record numbers in May, up 90 per cent over last May. The ABC report cites California, Colorado and Nevada as the states hardest hit.

The LA Times wasted no time jumping on the foreclosure bandwagon. Check out the LA Times feature that allows you to search from a pool of foreclosed properties.

Two years ago, real estate agents denied the housing bubble existed. One bubbly agent talked up interest-only loans when we said a particular property was out of our price range.

Only three months ago, after some predatory lenders already went bust, a Countrywide agent tried to push an interest-only loan on us, even after we said we wanted a 30-year fixed. The agent got angry and refused to quote us an interest rate.

But now, nationwide, the period of denial and mixed housing reports is over.

However, in New York City, we are still watching and waiting. There seems to be an endless pool of rich buyers willing to pay exorbitant prices for tiny, well-located spaces.