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June 18, 2014- The Fed will raise rates soon and the housing bubble is deflating.
WSJ reports, “Second-quarter Manhattan condo prices so far have dropped below record levels set during the first quarter, with much of the decline traced to a slide in sales of new condominiums. Both sales and median prices of new condos were off nearly 10% so far during the second quarter, a Wall Street Journal analysis found. Some brokers said the drop was a result of a temporary lag as developers finished new construction of expensive apartments already in contract at trophy projects. Others worried it might be an early sign of buyer resistance to rising asking prices for new condominiums.”