Has the housing market bottomed out? That’s what they’re saying over on the Calculated Risk. Noting that the data shows that new home sales hit a low in mid-2010 and have gone sideways since, the soothsayers at the economics blog predict that housing prices, a metric that hits a lot closer to home for buyers and sellers, will hit a low point next month and rebound from there. The writer cites three reasons for the optimism: (1) the national price-to-rent ratio (historical graph on the jump) is finally back to “normal” levels; (2) there’s been a large decline in listed inventory; (3) housing policy initiatives are likely to lessen the downward pressure of distressed sales. Of course, all real estate is local, so results may vary.
The Housing Bottom is Here [Calculated Risk]
Brooklyn is among the areas hardest hit by a steep rise in housing costs in New York State, a report from the New York State comptroller found. From 2000 to 2012, statewide the percentage of renters paying more than 30 percent of their incomes to housing rose to 50.6 percent from 40.5 percent, while the […]
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Coney Island’s Luna Park held a ground breaking ceremony today, above, for a big new roller coaster called the Thunderbolt. The coaster, which is scheduled to open May 22, will be the first at the beachside amusement park since 1910 to include a loop, The Wall Street Journal reported. The ride will go as fast as […]
Brooklyn, one building at a time. Name: Row houses Address: 123-127 Lefferts Place Cross Streets: Classon and Grand Avenues (corner Classon) Neighborhood: Clinton Hill Year Built: 1882 Architectural Style: Neo-Grec Architect: Amzi Hill Other work by architect: Hundreds of houses and flats buildings in Clinton Hill, Bedford Stuyvesant, Stuyvesant Heights, Crown Heights North, Park Slope, […]