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August 5, 2004


Shame on you, realtors.

Is it any wonder, that when urban renters are consistently subjected to publicity like this:

“Can a regular middle-class human ever afford a window on the confluence of sea and sky, the dance of light on a lake, or a river winding through the woods?… there is a current listing in Sea Bright [New Jersey] for a condo on three levels in the Waterways complex, one block from the Atlantic Ocean, overlooking the Shrewsbury River. The list price is $635,000. The condo, three steps from a new riverside walkway, has the all-vacation all-the-time ambience that comes with floor-to-ceiling windows on a view that would inspire a poet.”

That it results in things like this?

“An eight-month study released yesterday by Pennsylvania officials confirms what many residents of the Pocono Mountains have long suspected: foreclosures have reached stunning levels, especially among homebuyers new to the area, many of whom paid more than market value for their homes....many of the homebuyers were former renters lured by slick marketing from Brooklyn, Queens and the Bronx to a cluster of gated communities 100 miles from Manhattan...

..."I think a lot of these people were first-time homebuyers who believed in the American dream, but they probably got in over their heads," said Mr. Goldstein, the director of policy for the Reinvestment Fund. "Many of them are already gone, but there are plenty of people who are here doing everything they can to make outrageous payments, and they're always on the brink of foreclosure."

categories: Business, Culture, Economics, NYC
posted by Emily at 5:02 PM | #