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
Interesting question, DIBS. I’m going to say it’ll be 20 years before your Bed Stuy brownstone is once again worth as much as you paid for it. What do you think?
Note the quote in the WSJ: We’re probably about two-thirds through the price declines.
Ha! Really? If we’ve been down for 2.6 years, and we’re two-thirds through it, then that means the economy (or at least real estate prices) comes back up in 15 months. Doesn’t that just seem very, very, very unlikely?
If it does come back in 15 months, I doubt we will see more than 20 percent off peak in prime areas such as Park Slope.
Anyone else care to opine?
“ENY, now I need to hijack some threads to get my reading enjoymt so shutting down the OT is going to cause more problems for rest of readers”
Hey, don’t blame me – I don’t even know what it’s all about! I wasn’t involved. I’m still grappling the media’s obsession w/ swine flu. OK, sorry, please resume the Case Schiller discussion.
Weird, how DIBS keeps bragging about exchanging one declining asset for another, more rapidly declining asset. Also weird, his assertion that he is a stock guru, when at least once a week someone actually in the business calls him out on a howler. Oh, right, I forgot –I work at Target, I’m a loon, I should STFU.
Notice, also, goalpost moving once again –the “bears” believe 50-70% off peak comps. Weird again –I don’t really remember saying that. What I remember, and vividly, is arguing with people who thought RE always goes up; until they started arguing it always goes up in Brooklyn; until they started arguing brownstones are different; before they started arguing it will “only” go down 20-30%.
ENY, now I need to hijack some threads to get my reading enjoymt so shutting down the OT is going to cause more problems for rest of readers
“We don’t have time today to babysit and selectively decide which comments to delete so we pulled the whole thing. Hopefully tomorrow will go a little better.”
Man, you guys just can’t behave, huh?
How many years, southbrooklyn???
Gee, DIBS, I wouldn’t go ad hominem on you, except you did on me!
I’d be more inclined to credit your prognostic genius if you had sold at the top and rented while the market collapsed. As it is, I’m sorry you’re holding a falling asset. It’s going to be many years before BS prices are ever going to reach what they were in the frothy times you bought. But then, I’m just a shmuck who bought right after the last NYC real estate collapse.
“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.”
And the silliness continues.
“The Open Thread by definition isn’t supposed to have a lot of constraints on, well, the topics it contains but today’s crossed the line of what we want to have on the site both topically and in terms the use of certain pejorative terms. While there was one particularly bad seed, it takes more than that to tango. We don’t have time today to babysit and selectively decide which comments to delete so we pulled the whole thing. Hopefully tomorrow will go a little better.”
Well well well.. Hey Brownstoner the Open Thread was not such a good idea after all. Just a Asshat Facebook Jerk Off. Now we can discuss or cuss the topics at hand..
The What (Over here!)
Someday this war is gonna end…