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Market Analysis

Will the Standard & Poor's downgrade send New York real estate into another downward spiral? Brokers and data-gatherers say no, as do New York Magazine's colorful charts: the market is about on track with where things were last year. There were 660 new contracts out this August, compared to 651 in the same period last year, and there's about a seven-and-a-half month supply of inventory. (In 2008 and 2009, there was a one- to two-year supply of unsold inventory.) And hey, a penthouse on First Avenue recently sold for $11.025 million, so our long national nightmare must be over. [NYM]