Publications

  • New York Quarterly Housing Update 2011: 1st Quarter

    In an analysis of first quarter housing indicators, the Furman Center finds that housing prices declined between the last quarter of 2010 and the first quarter of 2011 in every borough except Queens, where prices remained essentially flat. The volume of home sales continued to decline in every borough compared to the previous year. The Quarterly Housing Update is unique among New York City housing reports because it incorporates sales data, new construction indicators, and foreclosures. It also presents a repeat sales index for each borough to capture price appreciation while controlling for housing quality.

  • New York City Quarterly Housing Update 2010: 4th Quarter

    In an analysis of fourth quarter housing indicators, the Furman Center finds that home prices outside of Manhattan are still in decline, but foreclosures are down citywide. The Quarterly Housing Update, which uses six key indicators of housing market performance from a variety of data sources, is the only New York City housing report to incorporate sales data, development indicators, and foreclosures. It also presents a repeat sales index for each borough to capture price appreciation while controlling for housing quality.

  • New York City Quarterly Housing Update 2010: 3rd Quarter

    In an analysis of third quarter housing indicators, the Furman Center finds that home sales declined between the second to third quarter of 2010, but the foreclosure crisis appears to be slowing citywide. The Quarterly Housing Update, which uses six key indicators of housing market performance from a variety of data sources, is the only New York City housing report to incorporate sales data, development indicators, and foreclosures. It also presents a repeat sales index for each borough to capture price appreciation while controlling for housing quality.

  • Mortgage Lending During the Great Recession: HMDA 2009

    While home purchase mortgage lending declined throughout the recession, new research released by the Furman Center finds that ending to low and moderate income homebuyers actually increased in 2009, as did the number of new mortgages backed by the Federal Housing Administration (FHA) and Veteran’s Administration (VA).  The new data brief, Mortgage Lending During the Great Recession: HMDA 2009, finds that 16 percent of the 2009 New York City home purchase mortgages were FHA/VA-backed loans. By comparison, those type of loans accounted for less than one percent of home mortgage loans issued from 2005 to 2007.

  • Foreclosed Properties in NYC: A Look at the Last 15 Years

    In 2009, New York City saw a record number of foreclosure filings, passing 20,000 for the first time since we started tracking foreclosures in early 1990s.  Yet little is known about what happens to these properties after they receive a foreclosure notice.  This report analyzes the outcomes of 1-4 family properties that entered foreclosure in New York City between 1993 and 2007, paying particular attention to trends in recent years.  The report identifies a current inventory of 1,750 bank-owned (termed Real Estate Owned or “REO” by lenders) properties citywide—up dramatically from about 290 at the end of 2006. While the overall number of REO properties in New York remains small compared to harder hit cities, the report finds that these properties are highly concentrated in Eastern Queens, Central Brooklyn, and the North Shore of Staten Island—not surprisingly, the same neighborhoods that have been hardest hit by the mortgage crisis.

  • An Opportunity to Stabilize New York City’s Neighborhoods:  A Fact Sheet on the Neighborhood Stabilization Program

    A core mission of the Furman Center is to provide essential data and analysis about New York City’s housing and neighborhoods to those involved in land use, real estate development, community economic development, housing, research and urban policy. Towards this end, we present this fact sheet describing some of the ways that government agencies and other stakeholders can use data to target the use of funds made available to stabilize neighborhoods in the wake of the foreclosure crisis.

  • Key Findings on the Affordability of Rental Housing from New York City’s HVS 2008

    Every three years, the U.S. Census Bureau releases the New York City Housing and Vacancy Survey (HVS), which assesses changes in various aspects of New York City’s housing and neighborhoods. The primary goal of the survey is to estimate the rental vacancy rate in the City, but the survey also provides valuable insight into other trends in the housing stock. However, the data are released in a format that is hard to understand without statistical software. In order to make the findings available to a wider audience, we have analyzed the data about New York City’s neighborhoods and compiled this summary of noteworthy trends.

  • Declining Credit and Growing Disparities: Key Findings from HMDA 2007

    This analysis evaluates a recent decline in home purchase and refinance lending activity in New York City and the country as a whole, and identifies disparities in how that decline in lending has affected borrowers of different races.