Bubble Bursting?
Has anyone been watching the markets this week? Everyone is getting shellaced. I’ve already heard today called “Black Friday” and a whisper that Bank of America’s bond trading desk is down $150 million. The rest of the country has seen their housing market badly injured at best and we have all been holding our breath…
Has anyone been watching the markets this week? Everyone is getting shellaced. I’ve already heard today called “Black Friday” and a whisper that Bank of America’s bond trading desk is down $150 million.
The rest of the country has seen their housing market badly injured at best and we have all been holding our breath knowingthat our market follows the banks….
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It is very distressing to see this Forum being taken over by horses asses.
OK–don’t argue with us but what’s your prognosis then? That housing will drop? That a recession will grip the city and all fringe areas will be burning like Newark 40 years ago? Will the Chinese markets tank and the pound and euro slide? Tell us from your from your credit market perspective…
Why be so nasty to the original poster? This is a legitimate question.
I believe that prime NYC real estate — almost all of manhattan, BH, PS, CB, CG and most of Williamsburg — will remain largely immune by the meltdown in the credit markets (which should not be underestimated as they will have a significant impact on Wall Street earnings and bonuses — and the turbulence in the credit market goes well beyond sub-prime mortgages). The reason for this relative stability (influx of international buyers, co-op regulations, record Wall St. bonus money, etc.) have been well-documented here. That said, I believe peripheral areas in Brooklyn as well as later-to-market condos in the prime areas will be affected by this.
Here’s a link to an interesting article in Slate that details the rise & fall of some of the big lenders who fueled the sub-prime debacle. It also includes a link to a blog about Orange County real estate, which is in the midset of a significant (10-20%) price correction.
http://www.slate.com/id/2171235/fr/flyout
Wow, you people are really in denial. I won;t argue with you because there is no point, but take it from those who work in the credit markets, things are not good right now. The residential sector is just beginning its downturn. But continue to believe whatever you want. Every profitable trade needs a sucker.
9:56 quite an intelligent argument. I stopped reading your rant after your profane language and distorted syntax.
I agree with Anon 10:39 – unless the global economy takes a fall there will always be safe havens. IMHO, housing will likely take a hit, but nothing that can’t be rebounded from. Either way, I don’t think there should be a sense of hysteria or panic – twenty years ago housing busts, oil shocks and economic doldrums were fairly common and only registered on the radar of the truly business minded.
And, not to be flip, we can’t do aythign about it – so, have your coffee. And a stiff drink tonight.
How ridiculous. Wall Street makes plenty of money overseas to domestic losses in one sector.
“Gee, there seem to be an awful lot of people trying to scare us this morning.”
no, there seem to be a lot of renters on here this morning.
9:56, you forgot to take your meds this morning.
Seriously, “nobody is going to be ok”? It’s only money. Relax.