Saturday, January 21, 2006

Mayor Bloomberg Warns of Bubble

"NEW YORK, Jan 20 (Reuters) - New York City Mayor Michael Bloomberg on Friday said the real estate market was slowing "dramatically" and only a "miracle" could stop soaring mortgage rates from eating into housing prices.

Consumers are definitely feeling the pinch of higher mortgage lending rates and are not quite as eager to snap up a new home especially at time when house prices in the Big Apple are near record-highs, the Republican mayor said in his weekly radio show.

"The real estate market is slowing down dramatically and we're going to have a problem down the road," Bloomberg said."



Anonymous Anonymous said...

real estate is done
listings are at all time highs

if you purchased r/e over the last 3 years you WILL BE in the hole very soon.

You will see a 10 year bear market in r/e

Sunday, January 22, 2006 9:16:00 AM  

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