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]
” Let’s face it – given how little things have fallen thus far in NYC, it has a lot further to go. ”
Posted by Miss Muffett
Or, they just aren’t going to fall like the rest of the country where there was far more speculation. That’s what the numbers are telling us right now yet you refuse to see the data realistically.
“There are real interesting deals showing up now.”
Dave, tell me about it! I was looking at some really nice townhouses in Rittenhouse Square and Center city recently.
Dave –are you calling a bottom in Brooklyn housing?
Actually, there is now a real risk that house prices will go up in nominal terms…
DIBS, as an Asian specialist you must follow Marc Faber? I think he’s one of the best commentators out there. His prognosis – “I am 100 percent sure that the U.S. will go into hyperinflation,â€
http://bloomberg.com/apps/news?pid=20601087&sid=aIeLg1djbBps&refer=home
Thoughts?
DIBS – isn’t it getting a bit lonely doing all that cheerleading? Let’s face it – given how little things have fallen thus far in NYC, it has a lot further to go. Peddling fear of “missing the bottom” is just absurd. Trust me, the bottom is not here, and it will not re-ignite so quickly that buyers will “miss it”.
I got lots of equity, What. I’m standing for the long haul long 4 residences and not flinching. Total LTV about 20%.
There are real interesting deals showing up now.
“dave is the last asshead standing!”
haha I wonder if the what talks like this in real life.
Wow Dave is the Last Asshead standing! Dave you realize the other retards got smoked on the collapse??? I think you are totally gone….
The What
SOmeday this war is gonna end..
BHO…..put your money where your mouth is and move to Detroit.