Wall Street is cheering about the 22% rally in the stock market since May 9, but New York homeowners are still reeling from plunging apartment sales. Real estate sales and prices are steadily falling in Manhattan, a perennial real estate powerhouse... and lagged even the auto industry in the first quarter...
From the New York Post:
Quarterly sales reports from Halstead Property and Brown Harris Stevens show a 58 percent dip in sales in Manhattan in the first three months of the year -- far worse than even the car industry's 45 percent plunge.
If real estate continues to languish, it's only a matter of time before the market turns down and Wall Street turns somber once again.
Read full article...
Manhattan landlords uneasy; cutting lease durations
New York bust worsens... buyers abandon $1 million deposits
