Bubble Wrap

Housing Recession Approaches Manhattan as Nearby Prices Fall

Bloomberg reports on the falling housing prices in the boroughs, with many down over 10%, and experts are predicting Manhattan will soon follow.

“The storm is going to engulf Manhattan,” said Mark Zandi, chief economist for Moody’s Economy.com. “It has held up well to this point for two reasons: one, global investor demand for everything New York, and second, the problems on Wall Street have only now really begun to impact jobs.”