The coming housing calamity

Once again, scenario does not fit NYC market, particularly Manhattan.

I must say, I'm really impressed with the way Nevada and Arizona prices keep plummeting, year after year, even though each year they seem to be at the lowest bottom imaginable. Don't know about Florida that way, but AZ is now at 1999 levels.

And that's without many of the factors described in the linked op-ed.

AH, in Florida there are 4 types of homes for sale:

1) Foreclosures
2) Short sales
3) Owners who got the memo
4) Owners who didn't get the memo.

1) and 2) are self-explanatory. 3) are owners who realize that the market has changed and have priced accordingly; 4) are owners trying to recover the amount they overpaid in 2007. Pick a nabe, go to Zillow, and check out the asking price versus the Zestimate: very enlightening.

Of course none of that matters in Manhattan, which is exempt from market forces.

I guess maréchaux-ferrants Québécois must be propping up the Fla. market