I read an interesting article this weekend that I can’t find a link to. Maybe one of the more savvy internet people can find it. I thought it was in The New Yorker. But maybe it was the NY Times. Anyway, it was titled something like “How the New York Co-Op Board Saved the Housing Market”. It talked about how NY Coop Boards would not aprove a buyer who had anything less 20% down and would not approve financing with any of the new “exotic” mortgages. Even when the rest of the world began to consider that commonplace. Many require even more than 20% down. They go on to speculate that that may be why the Manhattan market is one of the few that is not going down and is still appreciating in some areas. An island of sanity in the insane world. Funny to think of Manhattan as the bastion of reason.
