Good morning everyone! Plenty of links today.
My only comment for the day is that I would like to officially call "bullshit" on all this depression talk. Yes, many things have happened over the past several months that haven't happened in decades. However, anyone contending that we are entering some sort of a depression is a quack! Personally, I believe that if the Fed and Treasury hadn't made the twin colossal errors of letting Lehman fail altogether and then screwing the preferred holders of Fannie and Freddie, we'd be well on the road to recovery. Even with these errors, there are signs, albeit faint that housing in the most volatile corners may be reaching a bottom.
Both new and existing home sales were actually up in September. Prices were still down and volume was way off last year's pace, however, it is a start. Lower prices eventually attract buyers, and there is no doubt that prices are lower. The NYC market has seen nowhere near the depreciation that the national market has and is clearly lagging. Prices (or mortgage rates) will have to come down to stoke demand.
Is "Alma" On West 21st An "Arrested Development"? (Curbed)
Will $20 Billion In Bonuses Be Enough To Save Real Estate? (Observer)
New Home Sales Rise! (Bloomberg)
Existing Home Sales Rise! (Bloomberg)
City Tax Revenues Leap, Despite Wall Street Woes (Reuters)
Commercial Vacancy Rate To Jump Fron 12 to 17 Percent Next Year (Crain's)
Seaport Developer Removes CEO Amid $27Bil. Pile Of Debt (Observer)
Chang Sells Midtown South Hotel For $46 Mil. (The Real Deal)
Richard Meier Gloomy On Market (Gothamist)