"The Long-Predicted Double-Dip in Housing Has Begun"...
“Prices in 20 major metropolitan areas fell 1 percent in November from October, according to the Standard & Poor’s Case-Shiller Home Price Index. The index is only 3.3 percent above the low it reached in April 2009 and has fallen fell 1.6 percent from a year ago. ‘A double-dip could be confirmed before spring,’ the…
NYC is a country all it’s own. There’s a ton of money here, it’s where money is made. Also, it’s proximity to Europe and Euro money being spent here as investment and otherwise continues to prop up the market here. There’s no PLUNGE that will take place and the Dip will be far less significant.
Blah blah blah.
The same group of goons that led us into this bubble/crash with deregulation are still in power.
La plus ca change…..actually, NOTHING has changed.
And we get crazy mailings every week in our subprime neighborhood offering various highly suspicious loans on our property.
The market peaked in 2007 — over three years ago. Prices have been going down ever since. My timing was pretty darn good. I put my money where my mouth is and am certainly glad I cashed out of certain “risky hood” properties in 2006.
“Awfully wrong” is far from reality, dude.
mopar-glad someone picked it up!
I am currently renting in a new condo building that has one sponsor unit left for sell.
When I run the numbers and throw in all the costs I can think of, buying that unit at list price would come out cheaper than the rent I am paying, and the unit for sell is slightly bigger and better located in the building than mine.
divergence of 2 worlds/markets here. the fringe hoods are still getting pounded. primo hoods are holding or going up.
Brainstem Half Off! LOL.
By IronBalls on January 25, 2011 1:45 PM
As I’ve been saying for years,
That’s exactly the point. Having the timing so awfully wrong is the same as being wrong.
You, BHO and all the other naysayers. have you seen the retail sales and consumer confidence numbers?????
> As I’ve been saying for years, there’s gotta be some
> semblance of parity between rents and sales prices.
Well, anecdotal evidence here, but I am looking at buying an apartment that, after all the tax benefits, will cost less than my comparable rental.
How does this fit into your “plunge” thesis?