The sale on Brooklyn has been cancelled
Did anyone see this in Sat’s paper? I don’t believe it. But if it is true, HobokonRocks will not be moving to Brooklyn Heights any time soon. January 3, 2009 Some Forecasters See a Fast Economic Recovery By LOUIS UCHITELLE Economics as the dismal science? Not in some quarters. In the midst of the deepest…
Did anyone see this in Sat’s paper? I don’t believe it. But if it is true, HobokonRocks will not be moving to Brooklyn Heights any time soon.
January 3, 2009
Some Forecasters See a Fast Economic Recovery
By LOUIS UCHITELLE
Economics as the dismal science? Not in some quarters.
In the midst of the deepest recession in the experience of most Americans, many professional forecasters are optimistically heading into the new year declaring that the worst may soon be over…If the dominoes fall the right way, the economy should bottom out and start growing again in small steps by July, according to the December survey of 50 professional forecasters by Blue Chip Economic Indicators.
http://www.nytimes.com/2009/01/03/business/economy/03econ.html?ref=business
Now Benson in the Open Thread today is saying the rising real estate prices of the 1970s an 1980s are an anomaly, and we shouldn’t expect prices to go up every ten years any more. He cites the example of Japan.
Regardless of what will happen to real estate prices, I would love some Hello Kitty letterhead. (I am a business journalist so perhaps it will come in useful.)
my opinion is that real estate in most of the country ends its declines during 2009 and values stay more or less flat for a year or more.
NY seems to be lagging the rest of the country so there are still some declines to come, especially in non-prime areas.
This article is a notable exception to the above rule:
http://www.nytimes.com/2009/01/04/opinion/04lewiseinhorn.html?_r=1&pagewanted=print
Yeah, awif, it sucks big time but we want to hear a year or two. Placate the masses so there’s no freak out, even the NYT has to do that. I understand.
As much as I hated the Bird blog, I wonder how she’s doing..
I love it.
I have nothing to add to this discussion–speculation in any direction seems futile to me right now.
But I couldn’t just let the Hello Kitty Letterhead Quip pass unappreciated.
These are the same forecasters that were rosy in Q1 2007.
http://clusterstock.alleyinsider.com/2009/1/economists-who-blew-it-agree-prosperity-is-just-around-corner
Real Estate drove this crash, and will not return to the irrational prices seen in the last few years for some time. Likely not till income inflation rationally drives prices up to levels of the last few years. . . in 2020.
Usually, business stories in the NYT might as well be written on Hello Kitty letterhead.