Residential market halts in its tracks

From the November issue: Wall Street’s recent wild volatility has caused the New York City real estate market to freeze in its tracks, with sales volume screeching to a halt and deals falling apart as potential buyers have watched their net worth evaporate. With the passage of the $700 billion financial rescue package on Oct. 3, analysts hoped the nationwide economy, mired in the credit crisis and housing slump, would show signs of improvement.