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Investor activity has helped keep the Manhattan housing market booming in 2011, according to a report by CNNMoney.
Citing two recent Manhattan real estate reports, the source states foreign buyers are keeping the housing sector in the city afloat, as many are taking advantage of the weak American dollar and purchasing properties. This has kept home prices high.
"Thirty-five percent of our agents represented foreign buyers during the quarter," Pamela Liebman, CEO of Corcoran Group, which released a housing report for Manhattan recently, told CNNMoney. "That's high compared with the past and significantly higher than last year."
Jonathan Miller, president of appraisal firm Miller Samuel, which also reported on the area's real estate conditions, told the news source the spike in homes sales in the borough is unusual because of the current state of the lending market.
Though some analysts state tight lending may keep the housing market down, record-low home loan rates may help buyers purchase properties and return the market to health.
Freddie Mac's latest Primary Mortgage Market Survey indicated the average rates for 30- and 15-year fixed-rate mortgages reached their lowest levels on record.
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