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Your Morning Credit Crunch: About That Slump...

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The disclaimer on all those strong third-quarter sales reports was that since most of the prices were actually negotiated in the shit-hot second quarter, the numbers of the supposedly troubled Q3 were being inflated by old deals. Experts said that to get a real gauge of the current state of the credit-crunched market, we'd have to wait for fourth-quarter numbers. Much doom and gloom was predicted. Well, the Times' Josh Barbanel has a peek at October's early returns, and get this: sales were well above the numbers posted in October 2006, and the median prices were 16% higher. Transactions over $4 million increased sevenfold. Sevenfold! Condo liens be damned, can anything slow this market down? Maybe developers should stop accepting Monopoly money as legal tender.
· What Market Slump? [NYT]