What happens nationally often has muted impact on “specialty” markets like Manhattan, Nantucket, Vail, Rancho Santa Fe and the Hamptons. Sure, if the economy tanks, it takes the edge off. The number of sales here on the East End were down 15%+ in 2006, equal to or greater than many other communities, but the steady rise in values seen here and in Manhattan is not a common statistic nationally.
So this week, the “rage” is the Sub-Prime Mortgage Market. I remember wondering a few weeks back (in the post “Housing Bubble Blogs” on 1/31/2007) what the Bubble Bloggers were going to angst about next, now that it is quite evident that the “bubble” was not going to burst, sending a smear of travesty and devastation across the land. Well, we have the answer now: Sub-prime Mortgages. Read all about it below. md
By Aurrice Duke (03/14/2007)