Your Afternoon Credit Crunch

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"The number of new building permits issued in New York City this January and February was down about 40 percent compared to the same period last year, according to the city’s Department of Buildings. Building permits, which augur future construction, are a strong indicator of how robust the real estate market is, and the drop-off indicates even New York’s strong market is feeling the effects of the subprime mortgage bust and the tremors it has sent through Wall Street. The city issued 451 new-building permits in January and February, compared to 764 during those months last year and 859 during the period in 2006." [NYO]

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