Comments on: Kudos to Christine Dunn http://providencedailydose.com/2008/07/20/kudos-to-christine-dunn/ News/Arts/Culture/Nightlife/Nonsense/Obscurities Tue, 02 Dec 2008 03:22:00 +0000 http://wordpress.org/?v=2.6.5 By: ethan http://providencedailydose.com/2008/07/20/kudos-to-christine-dunn/#comment-7078 ethan Mon, 21 Jul 2008 12:40:49 +0000 http://providencedailydose.com/2008/07/20/kudos-to-christine-dunn/#comment-7078 While speculation and revitalization are intermingled, where is your ire towards the many unscrupulous lenders that provided easy credit and subprime loan products to people who clearly did not understand what they were getting themselves in to? As the meltdown of Freddie, Fannie, IndyMac and others clearly demonstrate, this is the heart of the problem and it is a problem of national scale, not just in Olneyville. I think we could all get behind a plan in which City can work with folks like Frank to purchase foreclosed properties, rehab them, and provide a greater and more diverse stock of affordable units in Olneyville. The article also makes clear that the air has come out of the bubble in Olneyville. From an average of $250,000 in 2005 to an MLS scan showing prices from $64,000 to $180,000 in 2008? Sounds like the era of speculation is over. Let's also clarify one thing (since the ProJo refuses to acknowledge the fact): SBER, for its part, has not developed one condominium unit in Rhode Island. While speculation and revitalization are intermingled, where is your ire towards the many unscrupulous lenders that provided easy credit and subprime loan products to people who clearly did not understand what they were getting themselves in to? As the meltdown of Freddie, Fannie, IndyMac and others clearly demonstrate, this is the heart of the problem and it is a problem of national scale, not just in Olneyville.

I think we could all get behind a plan in which City can work with folks like Frank to purchase foreclosed properties, rehab them, and provide a greater and more diverse stock of affordable units in Olneyville.

The article also makes clear that the air has come out of the bubble in Olneyville. From an average of $250,000 in 2005 to an MLS scan showing prices from $64,000 to $180,000 in 2008? Sounds like the era of speculation is over.

Let’s also clarify one thing (since the ProJo refuses to acknowledge the fact): SBER, for its part, has not developed one condominium unit in Rhode Island.

]]>