As momentum continues in Manhattan’s real estate market, with record setting prices the focus of media and cocktail party attention, shouts about a possible bubble are turning to whispers. In 2004, prices across the nation rose faster than in any other year since the 1970’s. Despite disappointing employment and corporate numbers, declining consumer confidence, high oil prices, sagging U.S. and global stock, and worldwide uncertainties, prices in New York surged in a tight market amid heightened demand and frenzied activity. High incomes and low interest rates fueled ever-rising values. In nearly all segments of the real estate market, bidding wars drove prices up by leaps.