Saturday, September 02, 2006

High Winds Blow NYC, DC No Good, Sez Expert

Thinking about buying a pied-a-terre in New York City or Washington, DC? Or a second home in Naples, Fla.? Keep your checkbook in your pocket, says real estate consultant John Burns. His "barometer" of housing affordability blows these cities off the charts in terms of bubbledom. "Nine markets have even worse affordability levels than when mortgage rates were 18%+ in the early 1980s: New York, Washington, D.C., Los Angeles, Seattle, Portland (Oregon), Baltimore, Edison (New Jersey), Nassau (Long Island, NY) and Naples," says Burns's latest newsletter.

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