Sunnyjohn
09-07-07, - 12:25 PM
I told yinna dis would happen!
*suck teeth*
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The real estate market in The Bahamas is feeling the effects of the mortgage crisis in the United States.
"I think there has been a general slowing of our market because of what is happening in the U.S. economy," said Larry Roberts, president of the Bahamas Real Estate Association (BREA). Indeed the effects continue to be seen in the slow takeup of some properties, such as the Residences at Atlantis. According to a senior official at Turnberry Associates, the project's developer, though sales are consistent, they have slowed due to the overall downturn in the U.S.
Turnberry also denied rumors that a number of international financial institutions, including Credit Suisse and Lehman Brothers, had bought a large number of units. Lehman Brothers is in fact laying off more than 2,000 of its workers in an effort to scale back its struggling mortgage business.
Meanwhile, the U.S. mortgage market continues to suffer from decaying credit quality, falling home prices, and a drainage of demand among investors and the banks for home loans.
*suck teeth*
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The real estate market in The Bahamas is feeling the effects of the mortgage crisis in the United States.
"I think there has been a general slowing of our market because of what is happening in the U.S. economy," said Larry Roberts, president of the Bahamas Real Estate Association (BREA). Indeed the effects continue to be seen in the slow takeup of some properties, such as the Residences at Atlantis. According to a senior official at Turnberry Associates, the project's developer, though sales are consistent, they have slowed due to the overall downturn in the U.S.
Turnberry also denied rumors that a number of international financial institutions, including Credit Suisse and Lehman Brothers, had bought a large number of units. Lehman Brothers is in fact laying off more than 2,000 of its workers in an effort to scale back its struggling mortgage business.
Meanwhile, the U.S. mortgage market continues to suffer from decaying credit quality, falling home prices, and a drainage of demand among investors and the banks for home loans.