LONG ISLAND CITY REAL ESTATE BLOG

http://www.msnbc.msn.com/id/28032242

After reading this article I realized that with foreclosures at their highest rate in 15 years and an overall market adjustment from 10 to 25 percent  we may we have possibly hit a bottom or come close to one.   With  the The Treasury Department  considering a plan to revitalize the U.S. home market that would push down interest rates for loans to purchase a home, according to people familiar with the matter.

The plan, which is in the development stage, would temporarily use the clout of mortgage giants Fannie Mae and Freddie Mac to encourage banks to lend at rates as low as 4.5%, more than a full point lower than prevailing rates for standard 30-year fixed-rate mortgages.

U. S. Treasury  about to reduce rates to 4.5% ????????those of you who are trying to catch the falling knife you better put some gloves on

Another small business has joined us here on Vernon Boulevard and opened its doors for the very first time, today. This is a wonderful addition to Long Island City, coming at an especially critical time  for emerging neighborhoods such as here . With increasing concern about deteriorating market values, small business owners are now taking on more risks to bring the area establishments that meet the area demand. It refreshing to see a steady flow of patrons now having another area alternative to high tailing it to the city!