According to Cnn analysts "The National Association of Realtors said that existing home sales rose last month to a seasonally adjusted annual rate of 4.72 million million units, up 5.1% from a rate of 4.49 million in January. February sales were down nearly 5% from year ago levels"
All in all I think people are more educated about opportunity and willing to take risks. This being the case condo and co-op sales have increased by 4.5% in hudson county. If you buy now at these ridiculous levels you will make out in the end.
The point is very simple, will we continue to go down throughout the year? I think so and so do the top economists, however real estate in the right areas will boom like nobodies business and the reason is simple, people that leave the city and go into Urban/Suburbs like in towns such as Hoboken, Jersey City have the attraction of lower rent, mortgages and taxes.
Wouldnt you rather look at the beautiful New York City landscape from a far anyway?