BK home sellers feeling weight of Wall Street woes

PARK SLOPE - The recent Wall Street crisis has some homeowners in Brooklyn worried about a dismal real estate seller?s market.

Jeffery Goodman?s Park Slope brownstone has been on the market for three months. Some real estate brokers say years ago, Goodman?s home would have sold instantly. However, with recent news of the Lehman Brothers bankruptcy, the takeover of Merrill Lynch and AIG?s need of a government bailout, real estate agents say it will only get harder to get a mortgage or sell a home.

?Instead of 10 percent down, banks want 40 percent down and people don?t have that money,? says Brian Graham, of TB Shaw Realty.

Graham suggests sellers drop the price of their homes or rent the property until the market improves.

LehmanBrothers declares bankruptcy

advertisement | advertise on News 12

Trending Video

Residents are concerned about the safety of items 1 The Buzz: Safety concerns in wake of 8-year-old boy's death
Police say Michael Bantel was drunk when his 2 Massapequa man faces DWI charges in fatal crash
News 12 asked viewers what they thought about 3 Hudson Valley Talks Trump: First 100 days
In honor of National Superhero Day, News 12 4 Word on the Street: Superheroes
Kevin Reilly, 8, died after a heavy planter 5 Vigil remembers 8-year-old killed by fallen planter box

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE