A January 30th article in the New York Times points out that apartment rents are falling in Manhattan.
This follows a slow steady slide in home prices in the region.
Mid-Atlantic home prices did not get as inflated as Florida and California, but home prices there are falling following the national trend. New York is losing jobs related to the financial services industry. Washington DC employment is steady or rising. Both cities are expected to continue the downward trend in home prices for the next several months.
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