Bad market gets worse

From the December issue: The torrent of bad news for New York City’s housing market continued in November as layoffs eviscerated the city’s work force, the national economy continued its downward slide and Mayor Michael Bloomberg lobbied for higher real estate taxes. The real estate industry waits with baited breath for the next round of quarterly market reports in January, when Manhattan will see the real effects of the mortgage crisis on home sales. But a new analysis by at least one real estate appraiser offered a glimpse at the bleak picture that the reports will likely show.