The housing crisis has arrived for middle class New York.
The perception that New York largely dodged the housing bust bullet may be true in Manhattan, but in the working-class outer boroughs, house sales are falling faster than the Dow.
A look at housing sales in the city's two biggest boroughs, Brooklyn and Queens, shows sales of one-, two- and three-family homes - the backbone of city housing - fell off a cliff.
City's housing market hammered in fallout from woeful economy
In the crazy runup of housing prices, Richmond Hill's modest wood-frame homes, with their narrow driveways and tidy backyards, rose in value each year.
To some, it seemed like the good times might last forever. Within weeks of hitting the market, houses sold. Buyers bid up prices. By 2005, the market peaked with 949 sales, dropping only slightly in 2006, the year the foreclosure crisis first surfaced.
The first dose of reality came in 2007, when house sales fell from 938 to 665.
Last year came the real kick in the teeth - a near-total collapse to just 348 house sales - a sobering 63.3% drop in just four years.