New York City Real Estate Crash?

The Real Deal reports:

Manhattan data compiled by the appraisal firm and released yesterday showed that the volume of signed contracts in September and October plummeted roughly 75 percent from the same period last year.

“It’s pretty unbelievable,” said Jeffrey Jackson, a principal at the firm.

Jackson estimated that apartments are now selling for roughly 10 to 15 percent less than they were in early 2008, when the credit crisis began to take hold in the city. The data also showed that homes are now being sold at levels approximately equal to what they were worth in the first half of 2006, he said.

“All the turmoil in the financial markets is the major factor,” Jackson said. “The reason people aren’t signing contracts is because they believe [the home] will be worth less tomorrow. There is no compelling reason for a buyer to step up and purchase today.”

This, of course, was inevitable despite the outright lies of the colluding real estate trusts in New York City. The only pleasure I take in this whole horrible downturn is seeing real estate agents suffer.

I know, that’s terrible. But they are just so craven, so greedy, so dishonest (with a few rare exceptions) that I feel their suffering is just desserts.

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