Manhattan market blinded Wall St., economist says

Eastern Consolidated’s chief economist Barbara Denham
explains how the New York City
housing market blinded Wall Street to the trouble already afflicting the rest
of the nation. Denham said that while the nation saw single-family home values
fall 15.9 percent from July 2007 to July 2008, Manhattan’s median condo price rose. And while 1 in 152 households was facing foreclosure nationwide between April and June, only 1 in 3,285 households faced foreclosures in Manhattan.