Okay, New Yorkers, let’s all take a deep breath

Flickr photo by palisade 14

With the news this week of plunging home sales across the country, doom and gloom has enveloped almost everyone I know.  Stock prices dropped impressively, and the New York Times led the paper yesterday to report on mounting anxiety related to the impact of the latest housing statistics.

To be sure, I recently took a dim view (which I retain) about the chances of a housing recovery in the Big Apple, but Josh Barbanel, whom I know and much respect, injected welcome perspective in an article he wrote yesterday in the Wall Street Journal.  The headline said it all: Continue reading