New York Real Estate Heats Back Up

After a couple of months of so-so activity in New York City, things have seemed to pick back up in the last two to three weeks. This could be due to people's expectations that Chairman Greenspan and the rest of the Federal Open Market Committee were going to become more aggressive with the raising of the Federal Funds Rate. While they have become more aggressive, it appears that the markets may have expected this and in fact the opposite of what people expected took place. Rates actually ended up falling recently as the 10 year T-Bill fell to close at a 4.12% yield on Friday. I can honestly say that I did not see this happenening and given the recent statements by Alan Greenspan, I thought we were in for some rough times. I guess that you never really know what is going to happen.