Fall of Lehman Brothers seen as turning point for Manhattan real estate

1/5/10, Reuters: ""I believe we have hit bottom," said Hall Willkie, president of residential sales for Brown Harris Stevens. "Certainly, I didn't think a year ago we would be where we are today."

• Prices have fallen 20 percent from

• their pre-Lehman peak,

enough to lure those buyers who survived the financial upheaval back into the real estate market, said Dottie Herman, Elliman's CEO."

• "Plunging Home Prices Pull Manhattan Buyers Back In"

Lehman Brothers used the "Hockey Stick" graph (below) to sell global warming investments. A turning point for Lehman Brothers itself was its aggressive marketing of so-called global warming investments via their heralded February 2007 report, "The Business of Climate Change." A likeness of the above 'Hockey Stick' graph was their opening sales pitch (p.6) (without the green correction line seen above). The original version was alarming and proven incorrect in 2004.

• Above graph showing green McIntyre correction via Volokh

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