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"Why catch a falling knife? The cleansing of the market is going to be a 24 - 48 month process. Cleansing from 8 years of allowing the minimally to not qualified bid up prices. That $1M condo that sold in '06 was overpriced by 20%. People who should have been topped out at $750K were juiced by a mortgage market that allowed them their reach to extend to levels where they had no business. ALL THE PRICES are flawed and tainted no different than dot com stocks. NYC is not immune from the rest of America, this market with the job layoffs, the needing 20% & 720+ credit, etc.....this market is going down for a very long time. It's not like there will be more buyers in '09, unless you're going to argue Wall St. is hiring back all the layed off. Ha, don't hold your breath!" [Market Watch: The Good, the Bad & the Ugly]