New York's property market 'booming'

New York's residential property market is booming, with mortgage rates in the state currently a historically low levels.

According to Pamela Liebman, chief executive officer of The Corcoran Group, New York's largest residential estate agency, the mortgage market situation in the city has caused a surge in investor activity.

"Right now we are actually experiencing a pretty strong market... A lot of activity, a lot of signing contracts," she told the Associated Press.

A new report from the Real Estate Board of New York showed that the total value of New York house sales in the state climbed by 72 per cent to $7.6 billion (£4.9 billion) during the second quarter of 2010 when compared with the equivalent period of last year.

However, Matt Hackett, underwriting manager at Equity Now, told the news provider: "Mortgage guidelines have tightened tremendously in the last three years. So even while [interest] rates are very low, it is still harder for a lot of people to qualify for a mortgage."

According to DTZ's Fair Value Index, US prime commercial property is still attractively priced.

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