NEW YORK – With apartments piling up on the market in Manhattan, isn’t this the time to snap up the real estate equivalent of buying Champagne on a beer budget? The savviest minds on Wall Street say it’s not.Even though prices have fallen around 20 percent as Wall Street’s ranks have been thinned on fallout from the financial crisis and recession, top economists, strategist and analysts at the Reuters Investment Outlook Summit said they would be in no hurry to purchase a slice of the Big Apple.Many expect prices to drop even more, as much as another 25 percent as unemployment rises.
By Jennifer Ablan, June 19, 2009, Reuters

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