Frank Rizzo's (frankrizzo) Blog

Real Estate Broker/Owner - Cornerstone Realty Partners
I know that lenders have just agreed for a 30 day freeze on foreclosures. Sounds nice.The real issue is the responsive of the lenders and their servicers to what is happening on the ground. If it helps one family out and enables them to work out with their lender an opportunity to stay in their h...
The economic stimulas package has passed through the house and is heading to the President's desk. More important than rebate checks, we can be seeing a raise in FHA limits. Over the past 7 years, FHA has lost market share because the limits in our market of NYC would be easily surpassed. This ra...
Just wondering how many times have you heard... "I want a house in a good neighborhood, at a good price...""I'm looking for a deal...""Yeah, but last year my neighbor got...""I know, but if they really want to sell they'll sell it to me (XXXX dollars below market)...""I'm only qualified for ____ ...
Yesterday, there was an article in the Staten Island Advance, that discussed a recent ruling which homeowners prevailed in staving off the foreclosure. The article went on to mention that the homeowners could not make it the first year before falling behind. While they would of qua...
From begrudingly cutting rates 25bps just a few months ago, the Fed has dropped rates 125bps in a week. With the Fed Funds down to 3%, the Fed has reacted aggressively to a slowdown that went from credit, to housing, to the economy as a whole. While this will be helpful to those with equity lines...
This is an update on my previous post of "When Houses Sit..." To recap - this weekend I received an offer on a new construction 2 family for a first time home buyer. The house had been sitting on the market for over 18 months, and the builders had already let go of higher offers when they thought...
I had the distinct pleasure of working with a referral customer this weekend. We had spent some time together at the end of last year, but with her husband involved in contracting and the slow down in the marketplace they were too nervous to own a home at this time.This week, with rates dropping ...
Why do I get the feeling that I've seen this before? The Fed makes the surprising move to cut 3/4 of a point mid session. What do they see that we haven't yet? Has the market gotten that much worse, or does the Fed think that it's previous measured response was not having the desired effect?I kno...
There was an interesting feature in Sunday's New York Times on commuting in NYC. This week they focused on Staten Island transit, the SIRR and the Ferry.There is a tradeoff in Staten Island. More house and property for the money, but a commute to Manhattan that could create challenges for the cit...
The impression of Staten Island as the "forgotten borough," is continuing to fade. With Mayor Bloomberg remarking in his State of the City Address about the efforts of a transformed St. George, Staten Island is taking a large step forward. But let's take it a step further. The water front on the ...

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