Thursday, April 2, 2009

Manhattan home sales: Worse than the decline in the auto industry

"Manhattan co-op prices dropped the most since 1995 and transactions for all apartments plummeted 48 percent in the first quarter from a year earlier as the recession and Wall Street unemployment cut demand." (Bloomberg)

"The drop in sales was worse than the decline in the auto industry. In March, sales at General Motors were off 45 percent from March 2008." (The New York Times)

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