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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Jill who wrote (184451)	2/17/2009 4:10:17 PM
From: patron_anejo_por_favor	Respond to of 306849

I thought it was a bit NY-centric too. They vastly underestimate that the uber high paying jobs in NYC were all in finance and are (nearly) all wiped out. That'll have a comparable impact to Phoenix losing homebuilding, IMO (especially since alot of the building jobs went to illegals, anyway, therefore less impact on the tax base). We're taking lumps here, Vegas is worse, IMO. But people keep moving here from all directions (including Clownifornia, Mexico and the Midwest). Go figure....

To: Jill who wrote (184451)	2/17/2009 10:58:27 PM
From: tejek	Read Replies (1) \| Respond to of 306849

But vibrancy returning to NY? I don't see it. The publishing industry has been decimated. Like patron, I thought the article was a bit NY centric. And I understand how you might be skeptical. However, NY has a history of coming back from the dead. Given its concentration of talent, it has a way of reinventing itself. I think a lot of this hinges on whether the city remains a global financial center. The author believes it will. Time will tell. As for the publishing industry, don't the changes going on in that industry predate the financial crisis and aren't they more structural in nature? The industry seems to be having a difficult time transitioning to a business model that works with the internet. Until they do, I think there will be a lot of pain.