New York (AFP) – A man from South Korea with a mortgage on a house in New York City who has recently moved to the United States will get a $20,000 loan to help him buy a home.
The 28-year-old, who is a U.S. citizen, told The Associated Press that he had been searching for a place to rent since he left Korea last year, when his parents, a retired teacher, and his sister were forced to flee South Korea because of a political crackdown on anti-government protesters.
The AP contacted several brokers and property management companies in New Jersey and New York and obtained information about the loan, which is guaranteed to be repaid.
The man, who lives in New Brunswick, N.J., has not been charged with a crime.
The New York real estate market is still struggling after the global financial crisis, with house prices falling sharply in the United Kingdom and Europe, and there is concern about a rebound in China.
In New York, prices fell more than 5% in January, according to data compiled by the real estate website Zillow.
In January, the number of mortgages that were sold fell from 1.2 million to 1.1 million.
In the first three months of 2017, there were 2.4 million, a decrease of nearly 30%.
Zillow said the number was a record low, with just over half the market still under $1 million and more than 2 million still under that mark.