BK home sellers feeling weight of Wall Street woes

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

News 12 Staff

Sep 16, 2008, 10:33 PM

Updated 5,725 days ago

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BK home sellers feeling weight of Wall Street woes
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


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