Posted by Jonathan J. Miller -Thursday, April 5, 2012, 4:11 PM
It’s time to share my Three Cents Worth on Curbed NY, at the intersection of neighborhood and real estate in the capitol of the world. And I’m simply here to take measurements.
I’ve long been talking about entry-level sales being very responsive to changes in mortgage rates. I thought I’d attempt to show this by comparing entry-level (studio, 1-bedroom) apartment sales against the 30-year fixed rate over the past decade. This week’s release of the market report for 1Q 2012 brought the issue front and center since we saw the highest market share since 4Q 2009 and the share was higher than the balance of 2009 which I had previously dubbed “The Year of the First Time Buyer” due to the sharp drop in mortgage rates after the fall of Lehman and the federal tax credit for first time home buyers…