Amid Tough Times, New York Remains Resilient

Housing prices are falling across the country. But the decline has been relatively small in New York City, America's "Resilient City" according to Edward L. Glaeser. He says this bodes well for the city's future.
December 31, 2008, 7am PST | Nate Berg
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"New York's housing prices are doing remarkably well relative to elsewhere in America."

"Today's Case-Shiller housing price figures indicate that New York City's prices dropped 7.5 percent in the last year, while prices in Los Angeles declined 27.9 percent. Nationwide prices dropped 18 percent. New York is the only major metropolitan area with prices that are still 90 percent above prices in January 2000. According to National Association of Realtors data, New York is the only city in the continental United States, outside of San Francisco Bay, where median sales prices remain north of $500,000."

"Despite Wall Street's suffering, the New York area's unemployment rate, 5.6 percent in the latest figures, is lower than that in many other major cities. The comparable unemployment rate for Los Angeles is 8.2 percent. The comparable number for Chicago is 6.4 percent."

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Published on Tuesday, December 30, 2008 in The New York Times
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