"'Tanking' is such a subjective word. The fact is, NY real estate is going to be dead for at least 2 years. I don't care what anyone tells you. It may tick up for a month if the mortgage mess begins to get worked out a little, but the overall trend is down, and until prices come back to the mean (or at least some normal level), we are in for a bumpy ride. I work for a real estate broker and every day we are told to remain positive and to spread the message that now is the time to buy. That makes me sick. Now is NOT the time to buy!" And on and on. [Is the Manhattan Market Tanking: Yes! No? Maybe!]
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