I thought I was going to see something in Japan, instead something 15 minutes from me.
I took a look at these condos in Riverdale/Bronx, just above Manhattan and they want over $500K for 1,000 sq. ft.
http://www.latituderiverdale.com/ (and school system sucks) so never mind even looking in Manhattan. Decent suburb areas like Westchester and Long Island, houses are $500 + in nice areas....and just when you think you can afford the house...you realize you cannot afford the taxes.
NY will be the last state for real estate to correct...by that time who knows what kind of bad shape the country will be in.