Poaching from a reader’s earlier off topic comment:
[New York] Mayor Bloomberg provided the answer yesterday to the question that’s on a lot of New Yorkers’ minds: Are housing prices here going to drop?
Yes – with an important qualifier – was the mayor’s assessment.
“I think you can expect real-estate prices to fall,” he said.
“I don’t think they’ll go down as much as any of the other places in the country because here people don’t build or buy on spec. They build and buy and rent to live in them. And so, there’s much more stability here.”
At the same time, he added, “We’re part of America and what happens in the rest of the country’s economy is going to have an impact on our economy.”
Ah, yes. The bigger picture.
∙ MIKE’S ‘HOUSE’ CALL: CITY REAL ESTATE TO $LIDE [New York Post]
∙ The Wall Street Journal Rides The Subprime (Tidal) Wave [SocketSite]