From the New York magazine’s September issue: Given how the 2008-2009 economic crisis rocked the real estate world, buyers and sellers can be forgiven for feeling jittery after last month’s stock market turmoil.
“Where there is volatility, there is fear,” said Julie Park, a Level Group agent. “Ninety-nine percent of my clients and people I know have money tied up in the market somehow.”
Spurred by China’s economic woes, the Dow plunged 1,000 points shortly after the markets opened Aug. 24, and despite a partial rebound, ended the day down 3.6 percent. Many of the top real estate stocks got hit hard. It was the scariest day of a week that saw broad swings in stocks, reminding many investors of 2008 and early 2009. [more]