Is New York recession proof?

Even though I only own a furniture assembly service, this is my life and I watch the housing market very closely because it plays a major role in what is to come. Kinda like a weatherman with the radar tracking a storm, or in this case a hurricane. I wish I could say i wasn't worried, but the weatherman has been predicting severe storms for weeks, but as usual the weatherman was wrong! Sure some little tinsel towns in California and the Midwest are becoming known for their foreclosure rate which has been as high as 2 out of every 3 homes in some towns in California. If you have followed the housing market to any extent you are well aware that many banks, lending institutions, new home contractors, and Wall Street were riding a big pink cloud where the banks were giving loans to anyone regardless of credit history or income, the new home contractors went from 1978 ford pickup's to dozens of brand new trucks, equipment, and experienced crews that could slap a home together just as quick as the ink dried on the loan approvals. Everyone thought that the market would just continue to grow and grow and grow except those banks that were giving away billions. I know your thinking that they should be the ones who have really taken the beating with the softening market where all these homes are being foreclosed, right? That's what most would think but the answer would be wrong! They knew what was behind door #3 and sold all the loans to big market houses and lenders on Wall street who in turn sold cut them up and sold them to their best clients all around the world. Everyone made money, from the lenders who got a % of every loan to the banks who made their profit in the sales, to the market houses in the city who dumped them on their clients in what I believe they thought was a good thing or they wouldn't have bought the loans nor sold them to their best clients. But like all good things, they all come to an end and eventually the real estate bubble busted! Before I really did my homework and found out all of this I was just looking at the news and the stocks and buckled down for the worst. After I read all this I saw that it would really play no role in the Big Apple where most real estate is markets are continuing to soar because there are soo many people and not enough houses. People will pay! And this last week I spent 2 days in the several malls and the lines were sickening. Not with returns, but with purchases! Yeah, the west might be under the gun but the city that never sleeps is still smiling. As usual, the last week just like every year our business started to pick up but this year with bigger jobs and longer projects which means more employees and more money. Nope, NYC ain't feeling a thing.

Written by:
Christopher Purnell
EZ Furniture Assembly & Interior Innovation