Big Broker John Powers: ‘Will Be a While Before We See Hope'

“We have seen on Wall Street the cycle of greed turn to fear," said John Powers, chairman of the New York Tri-State Region for CB Richard Ellis, at CoreNet's New York City Market Update luncheon this afternoon. "Now we’re seeing pain. It will be a while before we see hope. And that is the cycle.”

It wasn't the happy-go-luckiest of real estate luncheons today on the eighth floor of the Time Life Building.

As brokers dug into their filets of salmon, Marisa Di Natale, a senior economist at Moody's, imparted the harsh truth as she saw it:

"We believe we are in a recession right now and that we have been in a recession since fourth quarter last year,” Ms.  read more »

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