Case Shiller Index: Negative Numbers Across the Board
Home prices in the New York City area in February fell 1.6 percent from January and about 10 percent from a year before, according to new numbers from the Case-Shiller Index. Those drops were relatively benign compared to some parts of the country: Las Vegas and San Francisco all experienced year-over-year declines of over 30…
Home prices in the New York City area in February fell 1.6 percent from January and about 10 percent from a year before, according to new numbers from the Case-Shiller Index. Those drops were relatively benign compared to some parts of the country: Las Vegas and San Francisco all experienced year-over-year declines of over 30 percent while Phoenix achieved the distinction of being the first city to have its real estate values fall more than 50 percent from the 2006 peak. Some of the hardest hit regions have begun to show signs of stabilizing, as low prices, the proliferation of foreclosure sales and low interest rates have lured some buyers back to the table. Still, predictions for future declines across the country from so-called experts range from just 5 percent to as much as 33 percent. A chart from the Wall Street Journal of percentage changes in the nation’s 20 largest cities is on the jump.
Phoenix Leads the Way Down in Home Prices [NY Times]
City Lags As Nation Hits Home Runs [NY Post]
A Look at Case-Shiller Numbers [WSJ]
NYC Price graph from The New York Times
No idea how much further prices will drop but have a good idea when I’ll buy. I’ll buy a house when I “SEE” prices inch up. If prices aint going up, aint no reason to believe the decline wont continue. While we wait, RENTING is a great option
> “the stock market is the most forward looking of leading indicators”
Forward looking? I call it magical thinking.
I thought this article in sunday’s times was pretty interesting:
http://www.nytimes.com/2009/04/26/business/26pay.html?_r=1&scp=1&sq=banking%20salaries&st=cse
Basically says that banking salaries are back at 2007, pre-crash levels. This could be because bonuses have become politically non-viable, not sure. But to some degree this opposes many on this site have been saying about the sector’s future and the effect it will have on real estate in NYC.
Keep in mind these stats are the metro area, which makes them pretty useless for our purposes. How Nassau County, outer Queens and central Jersey are doing doesn’t seem to have much bearing on the central Brooklyn market most of us are concerned with.
I did, after I sold my Manhattan condo. The economics are truly extraordinary!!!
DIBS,
Not that it changes the accuracy of my comment one way or the other, but I bought in 1993.
Didn’t you buy a Bed Stuy brownstone at the very top of the market? Or maybe that’s someone else.
More insightful economic analysis from you know who. You can’t make that stuff up.
“Here is the big wildcard that the What loves to forget about…the US is pumping Billions of cash into the system and circulating it through a stimulus package that will probably happen again.”
Yep but, when the Bond Market says “Fuck this shit” you will have a major dislocation on a scale like no other. Lookie here stupid:
http://www.bloomberg.com/markets/rates/index.html
Ever since the Fed start to purchase long bonds (10 & 30 years) rates have gone up! Plus the spreads in the MBS pools are inching higher. The money the Goverment is pumping into the system does not benefit you (REATRD), it benefits the Global Hijacking Class (Big Boys)!
“Mutant Asset Bubble maybe, but if you print money and distribute it, you effectively reinflate it. Good/bad, I don’t know, but it is happening. ”
You cannot make money “Go Some where”! The Fed is not “printing money” it’s just smoke and mirrors. A big circle jerk!
If you believe the lies coming out of Wall Street and Washington I feel sorry for you..
The What (Rally on!)
Someday this war is gonna end…
I’m sorry if you missed buying in the market in the 1990s, southbrooklyn. Truly I am.