Furman Center and the New York Times co-host "VU2005: The Economics of Residential Real Estate"
The Furman Center for Real Estate and Urban Policy and New York Times co-host VU2005: The Economics of Residential Real Estate. The issues discussed included the rise and influence of international buyers in New York City, the effect of interest rates on market strength, and the stability of the housing market.
Furman Center Co-Sponsors Affordable Housing Conference
On Thursday, February 7, 2002, NYU's Furman Center For Real Estate and Urban Policy co-sponsored a conference with the Federal Reserve Bank of New York on "Policies to Promote Affordable Housing." Professors Ingrid Ellen and Amy Ellen Schwartz presented a paper entitled "The Role of Government in Providing Housing Assistance: New York City's Ten-Year Plan," co-authored with Professor Michael Schill and Research Fellow Ioan Voicu. Professor Schill presented another paper entitled, "The State of New York City's Housing and Neighborhoods: An Overview of Recent Trends" (co-authored with Furman Center Associate Director Glynis Daniels).
Furman Center Launches Housing and Neighborhoods Website
Furman Center Launches New Blog, "The Dream Revisited"
The NYU Furman Center for Real Estate and Urban Policy has launched a new blog on economic segregation in urban neighborhoods, entitled The Dream Revisited. It's worth a look, and many return visits.
"Some people have proclaimed the end of the segregated century," said Ingrid Gould Ellen, Co-Director of the Furman Center, and the Paulette Goddard Professor of Urban Policy and Planning at NYU Wagner. "While black/white segregation has declined in the past few decades, it remains extremely high in many major metropolitan areas.
"Meanwhile, Hispanic and Asian segregation have remained unchanged, and the neighborhoods in which minorities live enjoy far fewer advantages than the neighbohoods in which whites live," added Professor Ellen, who is Director of the Urban Planning Program at Wagner.
The new blog's opening discussion brings together scholars and practitioners to explore the meaning of the term "integration" and the conditions under which it may be an effective strategy for promoting racial and economic equality in America's cities.
Nationally recognized for its housing research, the Furman Center is a joint initiative of NYU Wagner and the School of Law.
Furman Center Presents New Data on NYC Mortgage Lending
The Furman Center for Real Estate and Urban Policy, a joint research center between NYU Wagner and NYU Law, recently released its fourth annual analysis of FFIEC’s Home Mortgage Disclosure Act data, called Mortgage Lending in the Great Recession: HMDA 2009.
The analysis reflects several surprises in a tumultuous year. While home purchase mortgage lending declined throughout the recession, the study found that lending to low and moderate income home buyers increased in 2009, as did the number of new mortgages backed by the Federal Housing Administration (FHA) and Veteran’s Administration (VA). In 2009, 16 percent of New York City home purchase mortgages were FHA/VA-backed loans, compared to less than one percent of loans issued from 2005 to 2007.
The study also found, in contrast to home purchase lending, that mortgage refinancing increased substantially in 2009. The increase in refinancing activity, however, was not uniform across New York City’s different racial and ethnic communities. Black and Hispanic homeowners did not refinance at the same rates as white and Asian borrowers, which suggests that not all New York homeowners were equally able to take advantage of lower interest rates and reduce their monthly payments.