We all know all real estate is local–and that New York City is its own unique market–but it’s still interesting, and probably wise, to keep one eye on what’s going on nationally. A particularly good snapshot of this is available now on the economics blog The Big Picture. In addition to this chart which shows the unprecedented number of new homes hitting the market, the piece from a couple of weeks ago discusses the rapid decelleration of price gains, the drop in existing single-family home sales and downward trend of mortgage applications. Overall, a pretty ugly picture.
Recent Housing Data [The Big Picture]