Wall Street Woes Hurting New York Real Estate Market

One bank has collapsed, thousands of jobs have been lost, and stocks have plummeted. So has any good come of the recent financial crisis? Well, if you’re looking for a place to live in Manhattan, it looks as though prices in this alternate-universe island economy might finally start coming down. Reuters:

The number of homes on the market in Manhattan rose 4.6 per cent to 6,194 in the first quarter from the same period last year, according to the Prudential Douglas Elliman Manhattan Market Overview quarterly report released early last month.

[Jonathan] Miller, author of the Prudential report, said sales and inventory were the big stories last quarter.

Homes for sale remained on the market for 146 days, two weeks longer than a year earlier, the report said.

Miller, who has been tracking this measure for about a decade, said that was the longest amount of time since the fourth quarter of 2006, when it reached 149 days. In the fourth quarter of 2002 and third quarter of 2006 it reached a record high of 150 days.

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