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Your Morning Credit Crunch: Pam Hits the Panic Button

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Oh my! Speaking at Reuters' Housing Summit, Pam Liebman?Corcoran Group CEO and the gentle, reassuring voice that always calms us down when things threaten to go off the rails?made some interesting statements about the path of the New York housing market in 2008 and beyond. Brace:

"If Wall Street has a terrible year, and the press is really talking negative about the economy and the election, I think things could really slow down at the end of the year," she said. "I don't see New York City crashing or coming to any kind of a standstill, because the product is too good and there's too much belief in the city," Liebman continued. "What will stall this market is a negative economy, nervousness and skittishness about job security, consumer spending, layoffs, and sellers with unrealistic prices."

That's really the maximum level of negativity you're ever going to get from a Pam Liebman type, which means now is the time to reach for the brown paper bag and start freaking out.
· NYC housing market could stall in late 2008 [Reuters]