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Saturday, March 7, 2009
According to this New York Times article, Looking for Bottom in N.Y. Real Estate, Manhattan real estate prices hav already fallen by 25% according to some people involved in New York real estate. In the summer of 2008 I told my wife that the Manhattan real estate market would collapse since it was absurdly over valued combined with the beginning of the financial meltdown layoffs. I believe that prices will end up being 50% or less of the previous market peak.
According to this New York Times article, Job Losses Hint at vast Remaking of Economy, job losses are increasing rate. This will definitely lead to more foreclosures and more bank failures. The job losses have escalated since December with the job loss numbers for December and January being revised higher. In my opinion this is proof that businesses and Wall Street have no faith in the Obama administration as it seems that things have gotten worse since he won the election with even more rapid deterioration since the unveiling of the "Stimulus Plan".