NYC's real estate market is percolating.....

It picks you up to slam you down.

and this is happening with one attorney and in 10% of the deals. so, he's done 10 deals and one had this.... WOW

I find the article interesting as the data I've been seeing indicates that there is an increasing divergence between the number of contracts signed and the number of contracts actually closed.

This development seems to acknowledge the divergence is great enough to merit a legal response.

This could be bearish or bullish.

OTOH, brokers are touting all the contracts signed in April (before the tax credit and the subsequent decline in new contracts signed), without acknowledging that many of those contracts may never close because of mortgage contingencies.

OTOH, until recently, the vast majority of $1 Million properties have been purchased with cash. Perhaps the rise of this new mortgage contingency (pay to walk) indicates that homebuyers are once again attempting to get non-conforming mortgages on high end properties - which would be bullish.

We shall see.