We’ve been posting on current (lagging conditions). See:
The following is a Forbes article on what’s to come…I guess their crystal ball is as clear (or cloudy) as anyone’s…
In New York, Manhattan has been showing signs of cracking for months, in the form of rising inventory and slowing sales.
Yet it wasn’t until the first quarter of 2009 that it became apparent how much of a hit that market would take.
Manhattan median prices were down 21% in year-over-year terms, from $852,500 to $675,000, according to Miller Samuel, a Manhattan-based appraisal firm. While Moody’s expects the broader metro to decline another 23%, and Manhattan will no doubt contribute to that, the price drops have at least piqued interest among those still employed, a lone bright spot.