Taking the position that New York?some high-flying Manhattanites included?is far from immune from the credit crunch and a housing crash, the Gotham Gazette enters the fray, and their opinion is form in the "it's not all subprime mortgages and Wall Street bonuses" camp. In an article titled, "Feeling the Effects of a Housing Bust," demographics analyst Andrew Beveridge writes:
The picture looks particularly difficult for people purchased homes in 2005 and 2006. They made their purchase at what appears to be the top of this particular housing bubble. They may be in for a serious financial loss, as mortgages readjust while the underlying value of their properties decline.Unless the next bubble comes in before this one has had a chance to fully burst. We're all for the double bubble.
· Feeling the Effects of a Housing Bust [Gotham Gazette]