Any thoughts on the recent home sales number?

note quote below:

"Still, Yun cautioned that the pending sales data is more volatile than in the past because many sellers need banks to agree to take less than the original mortgage — a so-called "short sale." That process is often difficult, time-consuming and can wind up falling apart before the deal closes."

lets remember these are pending sales...not actual sales.

Also, alot of the uptick is due to the stimulus and $8,000 tax credit, which is mostly irrelevant to NYC real estate

It's a positive sign - shows where prices are headed in NYC as the rest of the country bottoms: 2002-2003 prices, which is what I have long prognosticated.

my thoughts are manahttan RE pricing is severely impaired due to the drastic decline in wall st. pay compounded by job losses.

I might add that a lot of apts that were in contract went back to the market, probably because the mortgage was denied...

Good point mimi. I've seen some of my Saved Properties re-appear as available after SE had designated them to be in contract.