'Buying Frenzy'

Newsweek, April, 2004 by Jonathan Darman

Everyone seems to have their own tale about the sizzling real estate market. The friend who paid a million for a cookie-cutter apartment with no light. The relative who waited three hours in the rain just to get in the door of a suburban open house. The neighbor who sold her house, above asking price, half a day after putting it on the market. And then there are the statistics: the average price for a Manhattan apartment in the first three months of 2004 was just short of seven figures--at $998,905. In Los Angeles County, the median sale price for homes rose 29 percent to a record $375,000 last year. Always sexy, real-estate stories are now approaching the pornographic.

Trust Alan Greenspan to kill the mood. When the Federal Reserve chairman hinted in congressional...

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