Back from a short self-imposed overwhelmed-with-year-end-deadline-work-blogging-hiatus. Hope everyone had a nice holiday.
Michelle Higgins at the New York Times wrote a great piece weekend before last on the current stratification of the housing market that I call a “donut.” Strong on bottom, strong on top and weak in the middle. Mortgage rates are pulling in first time buyers at entry-level and high end is being driven high net worth and international buyers, leaving a weaker middle. The NYT editors weren’t very excited about my “donut” analogy even when I suggested a more New York City-ish bagel or bialy. However the piece correctly focused on the challenges the “trading-up” market in today’s houisng market.
I had lunch with my friend Barry Ritholtz last week and he didn’t like my donut analogy saying it should have been a “barbell” – but seriously, can you put icing or frosting on a barbell? I thought so.