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
40% price chop!!!! Fill your boots!!!!!
http://www.311west75th.com/
DIBS we expected nothing less from you…at least even a genius like yourself admits that prices have declined and will continue to do for a while.
Guess the adversarial tone now is the degree of decline vs.Continued incessant rising price increases in Brownstone Brooklyn.
-10% is not really much of a correction, even I agree with that. I bet overall about 10-20%, depending on what peak comps were for a neighborhood, which is fine.
Yes, it is peak comps that you need to look at, at least BHO is correct on that. Asking prices have nothing to do with any form of reality.
dibs nice job nipping this one in the bud, 6 minutes after the post! gotta get up pretty early….
Case Shiller only single family homes, not coops/condos in NYC–so I would look at this data in context
Martis,
That’s not enough to qualify you for team bear on this site. Probably puts you in the middle somewhere.
Since, here in NY, we saw declines later than anyone else, do you think that mabye we still have more reduction to go…not as drastic as 30%, but some?
I’d have agree with Martis. NYC, unfortunately, still has farther to go.
i’d still look for another 10-15% down this year in NYC. that’s not too doom and gloom….is it?