Bubble Wrap: November 2009

New York could see a double dip in residential market

The November issue of The Real Deal includes an article with an array of analysts predicting where housing in New York is going over the next year with many forecasting a second round to the downturn.

The biggest problem New York is facing is unemployment. According to the state Comptroller’s office, the city shed 115,700 jobs as of June and is expected to hit 328,000 jobs losses – 47,000 of them in the securities industry – by the third quarter of 2010, boosting an unemployment rate that has already hit 10.3 percent.

Jonathan Miller, the president of appraisal firm Miller Samuel, said there has never been an economic recovery in New York at the same time that the finance sector was suffering.