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From the archives: The downward plunge

What's next for real estate following Wall Street's meltdown

The Dow Jones Industrial Average from March 2006 to October 2008
The Dow Jones Industrial Average from March 2006 to October 2008

October 2008 is one for the history books. Not just because Barack Obama battled John McCain for the Oval Office as the first black Democratic presidential nominee, or because the Philadelphia Phillies won the World Series for the first time in two decades.

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Monumental as those events were, they were largely eclipsed by the wild swings of the stock market and the realization that the downturn of the residential and commercial real estate markets in New York is essentially a fait accompli at this point. Read the full story from the November 2008 issue after the jump.

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