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Gregory J. Heym
Executive Vice President, Chief Economist
Your Morning Credit Crunch
Manhattan Stays Bullish
The Big Four released their quarterly sales reports yesterday, and while some of the numbers differed slightly, BrAlsteadCorcoMan all came to the conclusion that none of those pesky mortgage or credit problems have reached Manhattan or brownstone Brooklyn. Yet. People who read Jonathan Miller's analysis for us two weeks ago knew that inventory was down, but the reports say inventory is down a whopping 31%. Prices jumped as well, to new records all around. But don't celebrate just yet, because the numbers reflect many units that went to contract in the second quarter, before the big crunch. We'll keep the champagne on ice until the next quarterly reports hit.
Tuesday, October 02, 2007