Case Shiller's Silver Lining?
Over on the Wall Street blog Clusterstock today, they’ve managed to find some good news within the latest batch of data from the Case Shiller Index. Although the index year-over-year decline in August rose to 17.7% (versus 17.4%), the rate of acceleration has been slowing, prompting the finance blog to muse that “It seems reasonable…
Over on the Wall Street blog Clusterstock today, they’ve managed to find some good news within the latest batch of data from the Case Shiller Index. Although the index year-over-year decline in August rose to 17.7% (versus 17.4%), the rate of acceleration has been slowing, prompting the finance blog to muse that “It seems reasonable to think that August or September might mark the peak in the rate of year-over-year price decline.”
it’s pretty weak sauce if the best you can say about the data is that the delta on the decline ‘might’ be going down.
That’s like saying you got mugged yesterday and are going to get mugged again tomorrow but, on the bright side, they’re going to take less from you tomorrow!
Xanadu,
You looked feverishly for 7 years of a seller’s market and drop out when it’s shifted to a buyer’s market?
Those jobs were just realtor jobs.
agree with all above. prices are going to come down hard. especially when crime goes up in the city, and people are ready to get out of brooklyn, even if it means losing some money.
anecdotal, yet I think on point: I was feverishly in the market for SEVEN years…always bidding & never coming out on top. since the financial crisis hit, however, I have NO interest in buying anything. I have even stopped going to the ny times real estate page, which was my obsession for so long. I have embraced my rental apartment, which now I see for all the glory of flexibity that it is. If the city gets too bad, or if I lost my job, I could just cut out of here with no strings attached. and that feels pretty sweet right now.
so I’m not sure who the new buyers are.
and let’s not forget the estimated 200,000 jobs that are being eliminated in this city.
If you go back to Blogdett’s post, you’ll see that the first commenter raised the point that the data reflect closings in August, before the worst of the credit crunch arrives, and that the decline will continue. Henry then comments that he agrees, pretty much negating the point of his original post.
We’re so far from mortgage payments even approximating market rents it’s not even funny.
Prices on the entire East Coast (NYC Particularly) have a long long way still to fall.
Nice try spinning “rate of acceleration has been slowing” to actually mean anything!
About as significant as reading tea leafs. . .
“…August or September might mark the peak in the rate of year-over-year price decline.”
Not even close. dittoburg says it all at 1:38. That long ass two month lag knows absolutely nothing about my handle.
The price declines have barely begun in NYC – as NYC has been on its own track thus far, it may continue to be. That is, since it took longer for housing bear market to come here, it may also take longer for the market to bottom out before recovering.
Is Clusterstock unaware of October 2008?