"The prices have to come down, by about 20% to attract buyers now. The financial meltdown will really mean a lot of the hipsters that might have been able to get a mortgage before will no doubt encounter obstacle after obstacle in finding mortgage approval. Most of them don't work in steady income jobs. A lot are freelancers, temps and less than 2 years with the same company workers. This is a mortgage lenders nightmare now, even with good credit...Anything above $875/sq ft in Williamsburg is overpriced now. A year from now, it could be even lower, maybe $825/sq ft." [Wall Street Meltdown, Brooklyn Edition]
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