It is hard to tell what cause a complete shift in the global economy. We can often look back in hindsight and point to an event that started it all. During the process, however, it is easy to get fooled.
Is the NYC housing market an indication of things to come or is it simply in a lull? This is a question people are presently analyzing.
What is obvious is the luxury end of the market has dried up. Many units are being sold below asking price. This is happening to a degree not seen since 2009.
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