« Google solves incredibly weird computer problemPossible economic scenario »

High-end housing starting to fall

Bob Morris @ Jul 21st 2008 06:43 - Category: Credit crisis

Foreclosure: It’s not just for subprime low and middle income folks anymore. High end prices are falling in Manhattan, the SF Bay area, and many other places as well.

Two weeks ago Barron’s had a full page ad for a Greenwich estate. It was a sealed bid auction, going to the highest bid over $19 million. But the ad implied it had sold for $31 million. So why the big write-down?

1 Comment »

One Response to “High-end housing starting to fall”

  1. Ten Bears on 21 Jul 2008 at 7:42 pm #

    I’ve been through three booms and three busts around here, and and it’s been my observation since the latest began that it won’t bottom out until 2012(pig era). It seems I have some support in that:

    Citigroup chairman Win Bischoff has warned that house prices in Britain and the United States are likely to keep falling for another two years.

    “I don’t think we get strengthening in the housing market until late 2011 or 2012,” said Mark Vitner, senior economist for Wachovia, the nation’s fourth largest bank and one that this month hired the number-two man from the Treasury Department as its new chief executive officer to shore up its own growing exposure to mortgage debt.

    Before bottoming out, prices nationwide should fall 22 percent to 29 percent on average from their peak, according to a report that Wachovia released last Monday.

Comments RSS

Leave a Reply



Comments subject to deletion at whim of capricious webmaster. Disagreements are ok. Flames, trolls, and right-wing attacks are not. If your comment doesn't appear immediately, then moderation is on, thus there's no need to re-send it.

(However sometimes the anti-spam programs here go awry. Email us if your comments seem to vanish into the void.)