More & More - This Feels Like a Correction

as seen in the The Housing Bubble Blog
More & More - This Feels Like a Correction - Aug 20, 2007

CNN Money reports on New York. “What could the collapse in the subprime mortgage market possibly have to do with whether Dr. Jeffrey and Madeline Stier get full price for their four-bedroom house in the wealthy New York City suburb of Larchmont? It’s clear that what’s happening in the subprime market…has for now prompted many high-end homebuyers to either trim their offers or stop shopping altogether. ‘It’s the hysteria on Wall Street,’ Jeffrey Stier says. ‘It’s frightening people.’”

The Times Herald Record from New York. “The subprime market crunch has hit home in the mid-Hudson Valley. Empty homes formerly occupied by subprime buyers already dot our region. Know this: The impact of living with a subprime mortgage is here and it’s real.”

The New York Times on Connecticut. “Three years ago, Martin and Jennifer Cossette bought into the dream of homeownership,— the quintessentially American ideal of personal striving and family stability celebrated by politicians, promoted by Madison Avenue and financed by Wall Street.”

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