The New York Observer has a good piece of the sort they specialize in on the likely impact on the New York area real estate market of the Lehman Brothers and Merrill-Lynch crashes. Even if you have never been east of the Mississippi and/or have never owned anything more valuable than a signed Dead Kennedy's CD, you might want to read this. It's a good, earthy counterpoint to all the vague "the sky is falling" and equally vague "everything is just fine - really" pieces that are currently all over the internet. And it's a good take on how things are going in big money circles in general these days. To quote the piece:
About $13.8 billion in investment sales closed or went to contract in the first six months of 2008, compared to over $34 billion in the first six months of 2007…
What do ya think, folks? Are we in trouble yet?
-Rustin
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