Halstead Property’s chief economist Greg Heym reports that there is reason to be optimistic about the city's residential real estate market after recent data highlighted positive indicators.
According to a Heym’s February 2011 report, the city added private-sector jobs in 2010, after posting a net loss in that area the previous year. The gains were led by the education, health and hospitality fields, even as government employment fell by more than 17,000.
Wall Street firms had their second-highest profit total ever in 2010, with $27.6 billion. Albeit cash bonuses fell by around 8 percent, yet firms are paying higher salaries and deferring compensation to make up for it.
Mortgage rates, which rose in recent months as a reflection of improving economic conditions, dipped slightly at the end of February, which could be good news for the housing market as some analysts had worried that if mortgage rates rose too quickly, potential homebuyers would stay on the sidelines.
This information was printed in the Real Deal and at Halstead.com where the writer of this article is a NYS licensed real estate salesperson.
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