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Is Anyone Really Calling the Bottom in New York City Multifamily?
February 1, 2010 by Neil · Leave a Comment
Multifamily values have not bottomed out because: (1) vacancies will continue climbing; (2) rents will continue declining; (3) interest rates have not yet crept up; (4) many loans have not depleted their interest reserves (Hat tip: Reuters). Add to this mix the growing numbers of unemployed and underemployed. More people remain unemployed long-term than at any time since 1948: Forty percent of all unemployed Americans, at least 6 million, have been out of work more than six months. Many are so discouraged they have lost hope that a job exists for them. For all the talk among Wall Streeters and the chattering class that we’ve turned a corner, it seems like either wishful thinking, or a telescopic view of a sliver of the economic universe.
