Loved this from the Wall Street Journal 7/28/2009

Sales of U.S. homes are rising. Sales of new single family homes frose 11% in June from the prior month, the biggest gain in almost nine years, to a seasonally adjusted annual rate of 384,000 units. Inventories of unsold homes declined to an 8.8 months' supply at the current rate, the lowest level since October 2007. The data confirms a similar improvement in sales of existing homes, providing evidence the housing market is stabilizing, though sales and prices remain well below their highs.

Co-op Living

I quote from the New York Times of Sunday, February 8th.
"Condos are vulnerable to hard times in ways that co-ops are not. If your neighbor defauls, community charges can soar."
How can that be? In a condo if your neighbor defaults, his assessment arreage belongs to all those who live in the building. Enogh of these and the management has trouble paying the buildings expenses.

In a co-op if someone defaults, the assessment to the building is paid before the bank gets their money. In general a co-op is more solvent because buyers had to pay more money down to begin with.