Furman: Gloomy First Quarter for NYC Housing

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    Yesterday NYU’s Furman Center released its report on the city’s housing market for the first three months of the year, and aside from the downward trend in foreclosures citywide, the numbers don’t paint a pretty picture. With respect to Brooklyn, the total number of sales in the first quarter, 1,695, represented a 21 percent year-over-year decline and a 19 percent dip from Q4 2010. Furman’s “index of housing price appreciation,” meanwhile, pegged Brooklyn as down 28 percent from the peak of the market, which the center defines as the fourth quarter of 2006. On a slightly more positive note, notices of foreclosure in Brooklyn were down 15 percent from the same time last year. Meanwhile, the report says that new residential building permits were basically nonexistent in Brooklyn—25 units in total, down 65 percent from the same period last year—and across the city as a whole, which only saw 158 new units green-lighted, a 45 percent drop from the same time last year.
    New York Quarterly Housing Update 2011: 1st Quarter [PDF; NYU Furman Center]

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