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Asked if weakness in the New York real estate market – which has been fairly resilient so far – could signal a bottom for the battered U.S. housing market, the head of the influential National Bureau of Economic Research said :
”No, no no! The New York real estate market is priced in euros and pesos,” Martin Feldstein said, referring to overseas investors snapping up property in the Big Apple which for them works out as a relative bargain because of the weak dollar.
A better indicator to determine whether the worst is over, he added, would be house prices starting to rise nationwide. Feldstein was speaking at the Reuters Investment Outlook Summit in New York.
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