Stuck under a cloud 

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From the May issue: A grey cloud hovers over the Manhattan real estate market as buyers and sellers wait to see how the market adjusts to last summer’s credit crisis, how deep the Wall Street job cuts will actually be and how much the housing market will be affected. In the first quarter of the year, the market was not promising, with sales decreasing and homes sitting on the market longer, according to the first-quarter report by appraisal company Miller Samuel. Home prices, however, were up at the beginning of the year.  There were 2,282 sales in first-quarter 2008, a 9.4 percent drop from the fourth quarter in 2007, and a 34.3 percent plunge from first-quarter 2007.  

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