Forbes Magazine reports that it is.
Has the housing market scraped bottom? Not in some of the wealthier neighborhoods–places like New York City’s Greenwich Village, Santa Monica, Calif. and Chicago’s Lincoln Park. They held up nicely while the rest of the country slumped last year. This year such Tiffany zip codes are on track to fall 15% to 25%.
Why haven’t you heard about this? Statistics lag.
Bear in mind as you read the article that Forbes has a nearly unblemished record of getting it wrong in national real estate stories.