Housing - New York bust worsens... buyers abandon $1 million deposits

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New York bust worsens... buyers abandon $1 million deposits

Friday, February 27, 2009
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New York real estate buyers are walking away from deposits of over $1 million. In each case, the buyers signed their contracts before the crisis last fall. Because luxury real estate prices have already dropped 20% to 40%, it doesn't make sense to close on the deal.

One real estate professional notes the forfeitures are "indicative of the degree of uncertainty in the market." Ya think...?

Read full article...

Topics:		Housing \| New York \| Real Estate

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