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NYC Not As Screwed

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"Wall Street is just about to finish the worst year since 1931. American housing markets are finishing their worst year in recorded history. New York’s economy is highly dependent on Wall Street; about 40 percent of Manhattan’s total payroll was in finance and insurance in 2006. These three facts should have created the mother of all price crashes in New York City real estate. Yet New York's housing prices are doing remarkably well relative to elsewhere in America." Here's more on the new Case-Shiller Index. [NYT's Economix blog]