New York prices likely to fall further

Housing prices in New York City and other cities dominated by the
financial services industry haven’t dropped as quickly as prices in
other cities. Prices are starting to reach equilibrium in the areas
hardest hit by foreclosures, including Phoenix and Las Vegas. But in
New York City, Boston and other financial hubs, prices may have further
to fall before buyers return to stabilize the market. Housing prices in
New York City have held up in part because many potential sellers are
choosing to hang onto their homes rather than sell them for less than
they might have sold for last year.