Trulia Voices: has Greenwich village been affected by the foreclosure crisis?

Trulia Voices: has Greenwich village been affected by the foreclosure crisis?http://www.trulia.com/voices/Home_Buying/has_Greenwich_village_been_affected_by_the_foreclo-103254en-usAnswer by Chrishttp://www.trulia.com/voices/profile/Real_Estate_Pro-Jersey_City_NJ-122734/http://www.trulia.com/voices/profile/Real_Estate_Pro-Jersey_City_NJ-122734/http://www.time.com/time/business/article/0,8599,1905085,00.html?cnn=yes now is not the time to buy see article from cnn and time magazine released today all banks expect 40% decline in NYC and North Jersey prices this is not good newsWed, 17 Jun 2009 08:28:41 -0700Answer by Jenet Levyhttp://www.trulia.com/voices/profile/Real_Estate_Pro-New_York_NY-254026/http://www.trulia.com/voices/profile/Real_Estate_Pro-New_York_NY-254026/Actually, the answer is no. The reason for this is that there are not many condos in the Village, but rather co-ops. Co-ops were tradionally stricter in their financial qualifications than lenders. They require at least 20% down and have debt-to-income ratio requirements as well as requirements for significant liquid assets after closing costs.Sat, 13 Jun 2009 18:07:41 -0700Answer by Paul Macapagal Prudential Douglas Elliman NEW YORK, NYhttp://www.trulia.com/voices/profile/Real_Estate_Pro-New_York_NY-70774/http://www.trulia.com/voices/profile/Real_Estate_Pro-New_York_NY-70774/Hello Lauren, More or less, Yes.. Every area including Greenwich Village is feeling the pressure of the decline in the economy. Foreclosures are not as wide spread in the NYC area as the outerlying areas of Manhattan, but some experts say it will in time. If you look at bank web sites for forclosed properties in NYC... their is not too many of them. With the incline in sales for Feb. I am hopful that the NYC real estate market will recover quickly from the downfall. I hope I was able to shed some light on your question Regards, Paul Macapagal Prudential Douglas Elliman www.paulmacapagalnyc.blogspot.comThu, 26 Mar 2009 07:28:39 -0700Answer by Luis Fernandezhttp://www.trulia.com/voices/profile/Real_Estate_Pro-10710-214483/http://www.trulia.com/voices/profile/Real_Estate_Pro-10710-214483/Every market has been affected. Some markets like Greenwich, scarsdale less but still affected.Thu, 26 Mar 2009 03:54:49 -0700