Layoffs prolong luxury housing pain

In December 2008, my son was laid off from his job at a hedge fund, which had shut down operations and ceased functioning as an ongoing business. Three months later, his severance pay ended and he was still unemployed, with no job offers in sight.

My son is a homeowner, having bought a townhouse four years ago in Weehawken, N.J., just the other side of the Hudson River from Manhattan. When he walks out his front door, he can see the gleaming towers of the Big Apple in the distance. The good news for my son is that when he acquired his property, he bought at a very reasonable price with an adjustable-rate mortgage, which he refinanced a few years later with a 30-year-fixed-rate mortgage. The mortgage payments are not onerous.

more...

To continue reading sign in to your Premium Member account.

Premium Members have full access to all news archives.

Buy Now Purchase 1-year Premium Membership - $149.95

OR

Buy Now Purchase Monthly Premium Membership - $19.95

All rights reserved. This article may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this article without permission is a violation of federal copyright law.