NYC PRICES TO FALL 50%?
18 February 2009 by Cullen Roche
1 Comment
Great chart here from ZeroHedge:
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Comments
Let's hope so!!!! Folks around here (in NYC) seem to finally be waking up to the idea that the boom-times are over. I'm talking about people who do not work in finance. The financiers generally have a clue. It's the rest of NY that is now wondering how bad things might get. Your graph really says it all. Bankers levered balance sheet to ungodly levels and paid themselves "accordingly." But asset values are not constant, nor are the liabilities that fund those assets!!! The sad part is most people here don't really understand what drove co-op and condo prices up 5x over the course of twelve years. So they are likely to underestimate the severity of the downside, IMO. We'll see. …Thanks for the great post!!!