Substantial increases in housing prices unlikely anytime soon
Jonathan Miller
From the September issue: While New York City brokers may be relieved to be doing deals again after the deep freeze of the recession, not everyone is optimistic about the state of the recovery. Experts, from former Federal Reserve chairman Alan Greenspan — who recently said a second recession was possible if residential prices go down — to New York City appraiser Jonathan Miller have indicated that both the U.S. and New York City are not economically out of the woods yet. For one thing, while residential prices in New York have stabilized since the worst of the downturn, experts say substantial price increases here are unlikely anytime soon. [more]