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]
What…I wasn’t able to accumulate 4 homes and very little debt by being retarded. An asshole, maybe. How will I lose all of my wealth??? Will these properties and my securities go to zero?? I think you’re looking more like the retarded Asshole now. Wise up.
From here on Sri Lanka will be one of the best markets. The civil war is over and it is an idyllic resort country to visit. It has British legal system and very good companies.
Almost impossible for retail investors to touch though.
chicken, if we go into hyperinflation, isn’t it more of a reason to jump on real estate because money will not be worth anything.
Posted by: Kensingtonian at May 27, 2009 10:56 AM
Yes. I don’t know if “more of a reason” is more appropriate than “a reason” though.
The funny thing is that the Zimbabwean Stock Market was far and away the best performing market in 2007 (and probably for several decades) in nominal terms. Equities and hard assets are the winners in a hyperinflationary environment, cash/bonds and personal income are the losers.
DIBS, fancy a trip out to Thailand to see him?
DIBS, my cousin (who lives in Philly) who does commercial real estate mortgages and some real estate sales as well told me the same thing. He is very successful and also owns loads of properties, eventhough he is 27. He lives in one of those luxury condos that were built in Penns Landing. He is urging me to just buy a nice townhouse in Philly and come work for him :o).
What…pass me some of your meds.
Posted by: daveinbedstuy at May 27, 2009 11:01 AM
Dave you are a Retarded Asshole and will lose all of your wealth very soon. You arrogance will hurt you! Just get ready to live in the Ghetto during a Depression….
The What
Someday this war is gonna end…
What…pass me some of your meds.
Guys leave Dave alone. He’s clearly delusional and tweaking!
The What
Someday this war is gonna end..
chicken…I know Marc and his wife quite well. He makes his reputation on being sensational. He (and I) make money on his stock picks.
Kens…Philly is very, very cheap and still an excellent value. The market has not come off in Center City much at all. There have been a few high end Rittenhouse places dumped on the market but the market as a whole is still quite firm relative not only to the rest of the US but also to brownstone Brooklyn as well.
There are very few condos in Philly which is one of the big reasons.
chicken, if we go into hyperinflation, isn’t it more of a reason to jump on real estate because money will not be worth anything.
During hyperinflation in Germany, people would buy anything possible because money was loosing value hourly. At some point, workers demanded to get paid twice a day and hand over money to wife and kids during lunchtime so they can go and buy anything they could find, didn’t matter what, just so they may be able to trade it in the future for something else.