Bailouts Won’t Work, Peter Schiff Says

I'm a real estate broker in Manhattan. This is where you get to experience first-hand greed, ego and flagrant spending on homes. Sellers here are not so fast to move with the economic news. Most are still trying to sell their apartments at the overinflated prices of 3 years ago. I'm trying to spread the news that inflated prices are over but they arent buying it. Instead there are thousands of apartments doing open houses every weekend and nothing is moving. I'm a member of REBNY. I would love for you to do a special talk to the real estate people of Manhattan and give them the truth. The sellers dont believe that their apartments will ever go down and the agents think this is just a temporary thing till Obama takes office. I have a buyer that wants to buy a place but wont pay for the mistake of a seller when they bought at the highest price in history. My buyer is offering a price equal to that of the years before it went up. He's not wrong. Only until then when sellers realize they made a mistake and reduce radically even at a loss, then real estate wont get back on track again. So it would be great for you to talk.

steve hirsch of NY 9:38AM November 18, 2008