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
I heard you can buy foreclosed homes in Detroit for $500
no joke! – apparently there are a bunch of artists going out there and buying these homes, restoring them and setting up roots out there to foster this new artist community….
“Crime is down Joe. Check latest stats.”
A guy gets a gun shoved in his face and you have to nerve to type this crap!
Joe I’m glad you are OK (Seriously)
“And why even argue with What about how all these affects people in real life ”
Yeah Asshead why? Stick your head back in the hole.
The What
Someday this war is gonna end…
“Crime is down Joe. Check latest stats”
That’s priceless, dude. I meant to make that point to the guy with the LOADED GUN IN MY FACE, but somehow I forgot. Don’t ever work in a victim’s support group. Anyway, I agree, there is no crime wave going on, and one piece of good news is that it was the only armed robery in the 78th precinct that month. OK, so I’ll write the story for the forum. cool.
“The fed controls short term rates, typically not the ones that drive mortgage rates. rates are now being driven on the 5 year and longer end by the marlket’s desire to buy or sell treasuries given their appetitie for more or less risk in the equities market.”
Dave I would like to Thank you for proving you have no clue about anything! The FED follows the IRX (13 Week Treasury).
Dave before you reply pull up the IRX and The FED overnight rates and compare them. Dumbass!
The What
Someday this war is gonna end..
sebb…units in my building on the UES went up over 300% from when I bought in 1997.
I’m sure Bed Stuy brownstones were up much more than 300% from back then.
Yeah, poor detroit, not even on the chart…
Miss muffett keeps yapping that NYC went up 300% she clearly has no clue.
Joe…sorry to hear that. My colleague and I were just chatting about a sushi restaurant right there. It’s normally a pretty safe area.
As far as the Fed buying those longer Treasuries, the market has pretty much fully discounted all of that. There’s only been a relatively insignificant downward move in thoise rates from a month ago when they announced and since they’ve done two purchases.
I’ve beenn waiting and waiting and waiting for 4.5% to do a refi but everytime it looks to be close rates move nack up.
The massive selling of treasureis will come when people feel its time to put more money into the equities market.
Joe – I would like to hear that story – am really sorta surprised that someone with a gun was lurking over there