Sunday, January 6, 2008

New York City Real Estate

Via Division of Labor:

The year's developments, it is true, have not been uniformly of an encouraging character. There have been foreclosures and there probably will be more.

There have been readjustments between borrowers and lenders by direct transfer, without the formality of foreclosure, and there have been a few failures, but when one stops to consider what might have been expected as the results of two years of most remarkable building activity, speculation and inflation, followed by a period of intense money stringency - when one reflects upon the possibilities of such a chain of events and then looks over the actual results the real estate community has every reason to face the future with confidence, if not with elation.
New York Times
Jan. 5, 1908