Commentator spots a bargain

Paul Krugman, the Nobel-Prize winning economist and leading commentator on the financial crisis, yesterday paid $1.7m (£1m) for an apartment on Manhattan’s Upper West Side, arising suspicions that he believes the US property market has now reached the bottom. The economist agreed the purchase yesterday of the apartment which had an original asking price of $2.49m when it was put on the market 12 months ago.