The Journal today tosses its Manhattan real estate analysis into the ring, citing three likely problems facing the borough's housing market thanks to the Wall Street crisis. The first two are rather obviously frightening: job losses in the city's most lucrative field and tighter mortgage-lending.
The third is less obvious: the dollar has been getting stronger against the euro and the pound.
The third headwind is a stronger dollar. Jonathan Miller, Miller Samuel's president, estimates one in three new apartments are sold to foreigners, primarily Western Europeans.