Markets stabilizing at different paces

Across the country, residential real estate markets are recovering at
different paces, according to a report released today by the National
Association of Realtors. While some parts of the country that are near
employment centers have shown signs of stabilization, the outlook for
other areas, including Florida, still remains grim. Cities that avoided
the housing bubble and are near employment centers are the ones that
are recovering most quickly, according to Jody Kahn, an analyst at John
Burns Real Estate Consulting. However, as unemployment levels continue
to rise, credit remains tight and foreclosures continue to hit the
market, there is still a risk that prices will fall further in some
metro areas like Manhattan, where sales have dropped 50 percent. [WSJ]