I know. You read the title and you eyeballs bulged out of your skull, and you probably screamed “What!! Where has this guy been??!!”
Truth be told, I have been right here, with you, weathering the same drop in home values and number of homes on the market that you have. And, now that we are being honest, it has not been a lot of fun. My own home is probably worth $100K less than it was two years ago. And, I know, so is yours.
I was thinking of the latest in the investment banks to fall – Lehman Brothers – and then the thought occured to me: what will all the job losses from Lehman, Merrill Lynch, Bear Stearns and others do to to housing market in and around New York City?
Not sure, but I would much rather be in Alpharetta, GA then in White Plains, being in the mortgage biz.
Here is an interesting stat, from the National Association of Realtors, that the Atlanta metro area has dropped an average of 9.8% since 2005. New York has dropped a percent more, by 10.8%.
I’ll bet home values in NY will drop more precipitously in the coming months.
My thoughts go out to the 10′s of 1000′s who will lose their jobs up there in the New York area. I hope some of those Yankees make there way down to Atlanta and find greener pastures.
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