Real estate prices dropping around Brooklyn

Brooklyn residents looking to purchase a new home may have good news. A recent study found real estate prices are coming down following months of turbulence in the mortgage market. For years, prices

News 12 Staff

•

Apr 4, 2008, 10:48 PM

•

Updated 6,105 days ago

Brooklyn residents looking to purchase a new home may have good news. A recent study found real estate prices are coming down following months of turbulence in the mortgage market.

For years, prices had been going up as much as 75 percent a year, according to Weston Brown, of Exit Realty Superior.

?The rate where the market really should increase will be about five to 10 percent per year,? said Brown.

With foreclosures on the rise, prices for homes are dropping. The Corcoran Group found that median prices in Brooklyn have dropped over $10,000, from $560,000 to $549,000, in just a few months.

Experts say low interest rates also make it an attractive time to buy for prospective homeowners. With current interest rates, a $500,000 mortgage would cost $3,000 a month.