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Scary Graph Alert

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David Leonhardt has been on Charlie Rose, so when he tells us the housing market has farther to fall and presents a graph that shows NYC housing prices are the most out of whack with income among major metropolitan areas, our gut reaction is to run...to Boca: "A recently transplanted New Yorker named Michael Houtkin won the bidding on a one-bedroom condominium on the outskirts of Boca Raton, a few blocks from three golf courses, for the incredible price of $30,000. 'Things were almost being given away,' he said later. As is often the case at these auctions, the seller of the condo — Fannie Mae — retained the right to refuse the winning bid and keep the property. But Mr. Houtkin told me he was optimistic his bid would be accepted. An R.E.D.C. employee suggested to him that $30,000 wasn't much below the minimum price that Fannie Mae had hoped to receive." [NYT]