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
A few observations:
1. Everyone with credibility on this board now agrees that prices are declining.
2. The debate has turned from whether prices will decline to how much.
3. So it’s really just a question of degree, and that discussion is kind of dull.
4. The debate will get interesting again when people can start claiming there is a bottom.
5. We aren’t there yet.
Hey where are the Dumbasses????? Usually the Retards would be out in full force!
Yoo Hoo The What got the Baseball Bat resting on his shoulder! I want to swing at the first pitch! Is the war over???
The What
Someday this war is gonna end…
You’re getting better at toggling between What & BHO these days. it’s kind of like a paranoid schizophrenic going back and forth between personalities.
What was said on the OT that it got deleted? I didn’t read it today. Darn.
OK, What…PBRs then. Trash is trash, don’t matter what they drink.
I don’t think any of my neighbors drink malt liquor so I don’t know what you’re referring to.
Meanwhile, in the face of -6% GDP and a worsening swine flu epidemic, the market is up 2.4%.
“And then we have our own group of crazies here on brownstoner with their 50-70%, well reasoned, well articulated predictions.”
Uh, DIBS, they meant up to an additional 33% which, by the way, would put us at approximately half off. You’re right about ‘well reasoned’.
***Bid half off peak comps***
“Case Shiller only single family homes, not coops/condos in NYC–so I would look at this data in context”
You mean the context that both the index and multi-fams and coops/condos all tripled in value (+200%) from the 90’s trough? Relevant on the way up, relevant on the way down? Oh, okay. Yeah, that makes sense.
***Bid half off peak comps***
“Nice rewrite what but you got to be able to own one before you can lose one. Oh I know, you’re all saving a lot of money ny renting. NOT…you’re all spending it on malt liquor. ‘
Hey Dave I wonder what you neighbors think about you covert racist attitude, huh?
The “Malt Liquor” thing is real nice Dave but one thing. You live in the Ghetto Dave and you delusion will not change that. See me in six months BWWWAAAHAHAHAHAHAH!
The What (Dave is my bitch)
Someday this war is gonna end..
“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.”
Tempting if you ignore yesterday’s thread on mortgage losses by Seeking Alpha. We will continue to see false glimmers of hope and then get re-disappointed as the collapse gets worse.
***Bid half off peak comps***