Let's see, anything new in the housing market since our report of a year ago? Nothing much. Just the complete collapse of the single-family market, thanks to the subprime mortgage debacle. Just hundreds of thousands of homeowners facing foreclosure. Just lenders in complete disarray, not to mention the threat of a recession. So, where to begin this year's look at the multifamily industry? Let's start with our old friend, the condominium. With apologies to the gentleman from Hannibal, Mo., reports of the death of the condo are not greatly exaggerated. True, some condo projects already in the works are still moving ahead, particularly in pockets like Boston, Chicago, Los Angeles, New York, and Seattle. But sales velocity is slow, and the climate for condos, unlike that of the rest of the planet, has definitely cooled.
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