Business Services Industry
New York Homeowners Anxious as Market Dips.
Knight Ridder/Tribune Business News, November, 2002
By Fred Kaplan, The Boston Globe Knight Ridder/Tribune Business News
Nov. 25--NEW YORK -- First the dot-coms blew up. Then the stock market tanked. Now New Yorkers are worried that their bedrock investment -- their homes, which have skyrocketed in value over the past few years -- might be the next bubble to burst.
"There's anxiety out there," said Barbara Corcoran, chairman of the Corcoran Group, one of the city's largest real estate companies. "And anxieties create a slow market."
"The bubble isn't about to burst -- it's bursting," said M. Myers Mermel, chief executive officer of TenantWise.com, which monitors the city's real estate trends.
While some would not go that far, the trends seem grim.
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