Market crash followed the building boom

Many studies have been carried out to show the recent changes in the real estate market. The results show that the country has got many absolutely new buildings lately and the market has been developing the fastest than all the previous years. One of the researches is connected with New York development and it says that during the eight years the city has built about 200 000 new houses and flats. But till the beginning of 2009 the market has fallen almost completely. And the authorities are really worried about the situation.

It has got very difficult to get a mortgage and this has influenced the number of people who want to buy a house. They say that such New York districts as Brooklyn and Queens were hit by the crisis, because the people living there have lost their incomes and had to face foreclosures or to sell a house. Some are not able to take a loan because of the same reason – low incomes.

At the same time there can be seem some improvements in the financial district, but there are not many apartments there, which can contribute to the residential real estate market.