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Market Reports: Revenge of the Fed

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When the Fed's "Beige Book" reported in December that Manhattan prices had plunged 20% from the summer, a worldwide media storm followed. Now, the latest Beige Book findings: "Manhattan's apartment sales market deteriorated markedly in the first quarter: the median sales price for condo re-sales was down 16 percent from a year earlier, while co-op prices fell 22 percent. The number of sales transactions fell nearly 50 percent from a year earlier, while the inventory (number of units listed) jumped 34 percent. Moreover, an industry contact maintains that there is a sizable 'shadow' inventory of apartments--new condo units that are unsold but not yet listed." [Federal Reserve]