The places that will suffer most in real estate losses are the suburbs where the hedge fund managers and all those guys who made all their money off this crisis they created, paid many millions of dollars for huge houses they can only sell to the similarly very rich. There was a recent article in the NY Times about that, if anybody saw it. I'd rather be in my little Brooklyn neighborhood that's still affordable to those from many OTHER industries, than sitting in a huge house in one of these suburbs, knowing my former Wall Street neighbors are all going bankrupt and their houses will sit unsold and unuccupied for possibly years.
Copyright Brown - Brownstoner
