Can’t wait to see HUD integrate Manhattan with more of Holder’s people. There are a number of Leftist enclaves which need to be given a good dose of diversity before the Obamacrats pick on Middle Class neighborhoods.
Also foreigners buying. A normal housing market is priced at 3X earnings. At the peak in California, it was 5X. In Beijing currently, it is 18X. Things look like bargains here. But this is ok, since there is all the Wall Mart money sloshing around, it might as well come back here. And after real estate crashes again, it will stay here. Kinda like Japan in the late 80s.
bump
“Even for cash buyers. # million dollar condos are not typically purchased by part-time workers that have dominated the employment scene since January 2009 (where 7 out of 10 jobs created have been part-time).”
If the minimum wage were raised these workers could buy condos too.