I just read this article and thought it was interesting. I have felt this for two years. Definitely felt it this year. Another reason to go nomad. If you own your own living situation fully they you are not as vulnerable to economic shocks.
The tallest residential structure in the Western Hemisphere sits at 432 Park Avenue in New York City.
New York real-estate prices have recovered with a vengeance in the past year but buyers may be starting to reach their limit.
The average apartment price in Manhattan hit a record $1.95 million in the fourth quarter of 2015, according to real-estate firm Douglas Elliman. But brokers reported a distinct shift as 2016 began and the data reflect that: The numbers of contracts signed in January and February fell more than 20 percent from a year earlier to their lowest levels since 2009, according to real-estate analytics firm UrbanDigs.com.
And expensive apartments are sitting idle for roughly 90 days before being sold, the longest “time on market” since January of 2013, according to the StreetEasy Blog, which tracks New York real estate.
To be clear, the slowdown isn’t just in New York: Nationwide, existing-home sales were down 7.1 percent in February, according to the National Association of Realtors. And, while new-home sales overall rose in February, according to the Commerce Department, the gains were confined to one region — the West. Sales fell in the Northeast, Midwest and South, with the Northeast down a whopping 18 percent.
Beyond hard numbers, the late Ed Hart, a credit-market analyst with whom I worked at Financial News Network, taught me the very high value of anecdotal information almost three decades ago. For instance, just before the savings & loan bubble burst in the 1980s, Ed told me that if you see a lot of antique furniture and art work inside an S&L, short the stock!
To him, it meant that depositor money was being ill used and the institution was bound for insolvency.
On more than one occasion, I witnessed such excesses, only to see the offending lender wind up in receivership a mere few months later.
Read More at MSNBC: