THE NEW YORK TIMES is worried about the mortgage market, and by extension, the market for homes. Here in DC, where I’m living right now, the bottom has clearly dropped out of the market. But in New York City, my permanent home, my mother the real estate agent reports that the buying market continues to be hot. She says her colleagues all marvel that there is still so much money left in the city. This may be because New York City, where sales often-have to get past co-op boards or condo management, was much less driven by sub-prime mortgages than other areas of the country.
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