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By Oshrat Carmiel

May 19 (Bloomberg)“This isn’t like your typical Nor’easter where a tree falls and your lights flicker,” said Michael Daly, founder of the buyers’ brokerage True North Realty Associates in North Haven, New York, and a Hamptons real estate blogger. “This is more like a Katrina,” he said, alluding to the historic 2005 Category 5 Hurricane. “It’s going to be a number of years before the market recovers.

This is clear as mud! 15% from what? Now? 2008? 2007? The “peak” of the market?

As is often the problem with reporters writing stories based upon sound bites when they don’t understand what they are writing about. It is EXACTLY this type of article that causes confusion and panic with the public. Not that there is not enough reason for concern and confusion already with the accurate and clear reporting out there.

That being said, prices have fallen 19% in Manhattan and 13% on the East End in the first quarter of 2009.

The writer refers to the Case-Schiller Index, which is a lagging report, at least 3-4 months behind the market, but is that what the economist Kenneth Rosen is referring to?  C’mon guys, Bloomberg is a big company…you can do better than this!

bloomNew York Area Home Prices to Fall 15%, Rosen Says

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