Case-Shiller Continues to Tank
Housing prices in the country’s 20 largest cities fell 19 percent between January 2008 and January 2009, according to the Case-Shiller index; New York City fell almost 10 percent in this same period. There’s no daylight that I can see in this report, said David Blitzer, chairman of S.& P.’s index committee. It is unlikely…
Housing prices in the country’s 20 largest cities fell 19 percent between January 2008 and January 2009, according to the Case-Shiller index; New York City fell almost 10 percent in this same period. There’s no daylight that I can see in this report, said David Blitzer, chairman of S.& P.’s index committee. It is unlikely that we are anywhere near a bottom in nationwide home prices, said Joshua Shapiro, chief United States economist for MFR Inc. The only ray of light: In a few cities like Charlotte, Minneapolis, and New York, the rate of decline in January was slightly lower than the rate of decline in December.
Record Drop in Index of Home Prices [NY Times]
Graph from Seeking Alpha
“Fellas–I didn’t say we weren’t in for a world of hurt I just said the actual arc of NYC in this graphic looks downright reasonable compared to Miami or Phoenix.”
Look both ways before crossing the street.
***Bid half off peak comps***
Hey dumbasses…
If you can afford a place go out and buy one. Interest rates will go up someday and then you’ll all be SOL.
The real Asshats will be renting forever.
You can buy more skittles when you retire after your mortgage is paid off. You can’t when your rent goes up every year.
Someday people will realize its better to rent than to own…
I am the anti-What
I agree wholeheartedly with BHO.
Fellas–I didn’t say we weren’t in for a world of hurt I just said the actual arc of NYC in this graphic looks downright reasonable compared to Miami or Phoenix.
“you guys know the caveats, right? condos not included, and survey is over the whole NY metro area… so folks will go on all day about certain kinds of large buildings made of brown stone being immune, or totally unhinged from this, or not…”
Index up 200% from the 90’s. Condos, co-ops and multi-fam brownstones all up 200% from the 90’s. Relevant on the way up, relevant on the way down. Type of property on affects intrinsic value, not the excess fat. Prices for all property types are on Jenny Craig.
***Bid half off peak comps***
“Cool graphic. New York’s arc looks quite reasonable compared to some other cities.”
Hey Dumbass look up! The Shockwave coming your way!
The What (Taste the rainbow)
Someday this war is gonna end…
“New York, the rate of decline in January was slightly lower than the rate of decline in December.”
Not true for New York.
202.08 (Dec 07) >>> 183.57 (Dec 08) >>> YOY = -9.16%
200.44 (Jan 08) >>> 181.28 (Jan 09) >>> YOY = -9.56%
YOY is the rate of decline that matters and as you see above it was slightly higher, not lower, between the two months.
“New York’s arc looks quite reasonable compared to some other cities.”
WAMU’s arc looked quite reasonable compared to Lehman’s at one time. Differential collapse. The individual indices for all ten cities won’t tank in lockstep. They will lag each other. The Ponzi/Madoff boomerang thrown from Wall St to Main St is on its way back.
***Bid half off peak comps***
“I was dreamin’ when I wrote this
Forgive me if it goes astray
But when I woke up this mornin’
Coulda sworn it was judgment day
The sky was all purple
There were people runnin’ everywhere
Tryin’ 2 run from the destruction
U know I didn’t even care
‘Cuz they say two thousand zero zero party over
Oops out of time
So tonight I’m gonna party like it’s 1999…”
you guys know the caveats, right? condos not included, and survey is over the whole NY metro area… so folks will go on all day about certain kinds of large buildings made of brown stone being immune, or totally unhinged from this, or not…
supposedly there is a separate survey by the same people just for condos. I’m gonna go looking for it.