It is a combination of a few things.
1. NYC is very high in price. It had a major run up and was the last to peak.
2. The Dollar is still low.
3. Treasury yields are low.
4. Stocks were under pressure and most ran away.
5. All income issues are either very risky with high yields or very low yields with less risk.
However, even low risk has become questionable.
6. Real estate may go lower but won’t disappear as paper assets may.
7. Florida and the other hard hit areas, Southern California, Nevada and so on are rock in and rolling in volume increases.
8. We the U.S. is still the safest place on earth!
Real estate, with all the capital that has been coming in is in for a big turn around.
I have been blogging it for 3 months or more that this is the bottom!
Richard