Bubble-less Manhattan

Photo by Flickr user Automatt used under a Creative Commons license

While there is a housing surplus in almost every other county in the USA, the house prices in New York County continue to rise, driven by high demand, premium locations, wealthy foreign buyers, and wealthy locals. New York City is enjoying a golden age right now, while the rest of the American housing market slides. Even a weakened dollar helps the New York housing market to some extent.

Me, my girl, that idiot Megan McArdle, and about two million other Bobos are blessed!