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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: SouthFloridaGuy who wrote (1616)2/19/2002 11:59:35 AM
From: JoanPRead Replies (1) of 306849
 
<Care to explain why NY prices are down 25%>

According to SmartMoney, NYC was already suffering early last year from tens of thousands of layoffs of Wall Street traders and bankers. Its other key industry, media and publishing, was also flailing. Then came 09-11. Afterward, large financial-services firms announced plans to relocate some employees outside New York, or worse, pull up stakes altogether. New mayor Michael Bloomberg is confronting the kind of fiscal crisis not seen since the 1970's. That could mean cuts in yuppie priorities, such as schools and services, leading affluent families to leave town. New York probably faces a somewhat tougher prognosis than other markets for the next couple of years.
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