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New York

Economist predicts gloomy 2009

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Veteran real estate economist
Lewis Goodkin said the national real estate market should prepare for another year of
plunging property values, soaring foreclosure rates and weakening home
sales. Goodkin said developers, especially in New York, will be hurt as
the credit crunch has caused work to stop at developments in various
stages of construction. Amid the collapse, though, there are a few
bright spots, Goodkin said. Consolidation and layoffs will remain a
fixture in the real estate business, but survivors could be in a stronger position for the business that does come their way.