The incredible shrinking real estate market has arrived right here in Manhattan, and now that the first quarter is over, not even the most ebullient broker will be able to dispute it. Now everyone will have no choice but to adjust to a market where buyers aren’t buying and sellers aren’t selling, new developments have stalled and mortgages remain scarce. The evidence of this decline is likely to arrive later this week when a series of market reports are released, documenting in detail the decline in sales in every type of apartment in every neighborhood.
By Josh Barbanel, March 27, 2009, NYT

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