An article in the New York Times today does little to inspire confidence in the Big Apple’s housing market. In case you missed it, the long piece by Vivian Toy begins this way:
This year, the burst of real estate action that marks the spring season came early in New York. Manhattan saw a big sales spike in March, well before the market’s usual busy season in May and June. But now, instead of going into the expected overdrive, some brokers say, sales have started to stall.
That could simply mean that spring arrived and ended early, as buyers gained confidence in the market and began to shop. Or it could mark the beginning of a slide that will lead to another dip in prices and sales activity.
Although many brokers will tell clients that the market has already hit bottom, some economists and real estate experts predict that prices are still falling, and will drop 5 percent to 15 percent by the end of next year.
Frankly, I’m not sure what to make of the article, which is strong on anecdote, weak on numbers. That’s not to say (more…)