Your Morning Credit Crunch: More Foreign Invasion

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From the Department of Scary Newspaper Stories: "We have to consider the possibility that the housing price downturn will eventually be as big as that of the last truly big decline, from 1925 to 1933, when prices fell by a total of 30 percent." Whoa now! This must have been what the Toll Brothers were talking about. But that Times economic analysis deals with the national market, where foreign cashola isn't pouring into every condo building with a corny name. And about those foreign buyers. The Post has a fun story today about the lengths at which our local brokers are going to market their properties overseas, everything from Wendy Maitland renting a suite at Claridge's in London for five days to sell One Madison Park to UK hedgefunders (so that's how it sold so quickly!), to Lisa Maysonet hitting Russian trade shows to unload the 30-unit Pearl Condominiums in Bensonhurst. Hey, it beats Siberia, right? Right?!
· Mondo Condos [NYP]
· A Time for Bold Thinking on Housing [NYT]

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