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REBNY Broker Confidence Index Dips

NEW YORK CITY-Concerns over limited inventory and political unrest give brokers a pessimistic outlook.

By Rayna Katz | Updated on November 15, 2013

NEW YORK CITY-Real estate brokers are in a glass-is-half-empty kind of place. The community had a dip in confidence in the current real estate market in the third quarter of 2013, compared to the previous quarter, because of concerns about residential inventory and political uncertainty. The city’s brokers also lowered expectations for their six-month outlook, even though they reported strong confidence in present financing conditions, according to the Real Estate Board of New York‘s Real Estate Broker Confidence Index.

The Overall Broker Confidence Index decreased to 8.75 in the third quarter from 8.89 last quarter. “There’s a growing concern that there haven’t been enough condo units built and, as a result, there isn’t a lot of choice for prospective buyers,” REBNY SVP Michael Slattery tells GlobeSt.com.

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