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]
The chart starts in 2001. New York prices held more or less steady until the recent decline. They did not suddenly surge in 2005 and 2006 as did Pheonix, Las Vegas, and Miami.
Corner, read the chart.
Mopar – not sure how you can say NYC did NOT have a big run-up. As pretty much everyone concedes, NYC had a HUGE run-up in prices 1998-2008. Hence, further falls are inevitable.
Mopar, what don’t you understand about the CS index for NY?
Hey Brooklyn RE bulls, yes follow DIBS! Yes, the same DIBS who spuculated not only in peak price BK RE but the GHETTO!!!! The worst of the worst “investment” you can make in a lifetime. FOLLOW HIM! Hes like the guy who gets the crap beat out of him in the park but hes so stupid he comes back for more beatings. Dibs has no shame LOL. I love this guy!!!!!
Miss Muffet, Dallas did not have a very big run up at all. Neither did New York. In fact, all the cities that have fallen the least also rose the least during ’05 and ’06.
You can check it out in the interactive graphic on the linked NYT story.
What’s the CS index say in Dallas? The amount an area will fall has a lot to do with how much/quickly/unsustainably it rose in the first place. Some areas did not see the meteoric rises of NYC and thus will not fall as much.
Miss Muffet, you said
” Let’s face it – given how little things have fallen thus far in NYC, it has a lot further to go.”
This presupposes New York has further to fall.
There may be other reasons you think New York will fall, but the fact that it isn’t down very far yet is not a good reason.
Other areas of the country are down even less. For example, Dallas is down 11 percent. Does this mean they will fall even further?
“There was too much swearing and use of foul language today. Can everyone take it a little easy with the efword?”
Naw fuck that!!! You need to hear it loud and clear! The economic system is going down the drain because of greed and fucking delusion! So fuck Team Bullshit and fuck you too!!
The What
Someday this war is gonna end…