Case-Shiller: Record Drops in NY and Nationwide
The latest Standard & Poor’s Case-Shiller Home Price Index stats are once again grim: Prices in 20 major metropolitan areas dropped in March by 18.7 percent from March 2008, about the same level of decline as has been documented over the past few months. Here in the New York region, home prices fell 2.5 percent…
The latest Standard & Poor’s Case-Shiller Home Price Index stats are once again grim: Prices in 20 major metropolitan areas dropped in March by 18.7 percent from March 2008, about the same level of decline as has been documented over the past few months. Here in the New York region, home prices fell 2.5 percent between February and March of this year—a record drop, according to the Real Deal—and 11.8 percent year-over-year. As TRD notes, the index does not include condos or co-ops. The Times makes the point that New York is far less screwed than other places, at least so far: “New York and Detroit, while both reporting large monthly declines in March, show the different legacies of the boom. New York is still up 73.4 percent from January 2000, while in Detroit prices are 29 percent lower. A Detroit house costs about the same today as it did 14 years ago.” The national Case Shiller index for the first quarter, meanwhile, showed a 19.1 percent decline compared with the first quarter of 2008, the biggest drop in the index’s 21-year history.
Home Prices Decline Again in March [NY Times]
Home Prices Fall By Record Amount in 1Q [The Real Deal]
There’s no such thing as market rationality. It oscillates between fear and greed.
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“the market is not saying prices are anywhere near going to be ‘Half Off peak Comps'”
-19% is well on the way my friend. Last bottom lasted 5 years. How the hell can you miss that?
“I’m back all rested from vacation…”
You’re back from Cuomo’s office. No more pension money for you to Ponzi away.
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Bank of America has raised $26B since its stress test results. The market has spoken. The stock is up 376% from its low.
PULL YOUR HEADS OUT OF THE SAND PEOPLE. The market has begun to discount the recovery. It’s leaving you behind in your dirtnap.
“There has to be at least another 40-50% drop in order for the numbers to make sense for a buyer.”
ROTFLMMFAO…..and the places changing hands right now make no sense just because you can’t afford them?????
As slopefarm said it quite well, the market determines prices and is doing so righ now, in a rational manner.
“Who’s to define what is rational???”
Andrew Cuomo.
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This is only the begining for price adjusting in Brooklyn and Queens. There has to be at least another 40-50% drop in order for the numbers to make sense for a buyer. Until then we will just wait on the fences.
nsr — your definition is circular and actually undermines bkh’s point. If the market is always rational, it was rational in 2007 and is rational now, and will be rational in 2011, whether prices fall or rise. The pay scales were rational in 2007, too, because that’s what the market bore at the time. If, at any time, you think — as bkh does — that housing prices and executive pay were irrational, then rationality is determined by some other means than the market.
Yes, and the market is not saying prices are anywhere near going to be “Half Off peak Comps” in brownstone Brooklyn. CA, Fl & NV are much different animals.
I’m back all rested from vacation and here to add a reality check to the bearishness of BHO and the others who will wait and wait and wait and wind up missing the bottom.
Why’d you leave out New York’s drop from the peak? It’s -19% and accelerating into a tailspin. The rate of change, rolling monthly year-over-year, is still dropping for the SEVENTH CONSECUTIVE MONTH!!! The perfect storm is coming.
“the index does not include condos or co-ops”
Doesn’t include 2+ family brownstones neither. But that doesn’t make it irrelevant. Everything up +200%, everything down half off or worse.
“New York is far less screwed than other places, at least so far”
‘at least so far’ – priceless!
“New York is still up 73.4 percent from January 2000”
ROTFLMMFAO! New York is still up from the 70’s. Spin spin spin…
***Bid half off peak comps***