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
holy crap! Detroit fell off the chart.
11217–timely link. Thanks for that.
Joe – sorry to hear about mugging. I certainly hope crime does not get worse in this climate. I have a lot of faith in our police commissioner (things are so much better now than the Guiliani years on that front) but I think communities really matter. As for schools, believe me, I am very concerned about public school budget cuts – in terms of city services, this is the one closest to my heart and life as I have young children in public school. So while a steep decline in RE values will in some ways help me personally (at last we can buy our home with, hopefully, some cash to spare to put towards retirement/college), it also means fewer tax receipts for our municipal gov’t. This is why I’m not totally gleeful about what’s happening, even as I fully expect big price drops. One thing I like so much about Obama is his emphasis on looking beyond our short-term and narrow interests. Yes, I stand to gain if I can buy a cheap house. But what does it mean for my community which in turn does really affect me? I am dismayed by all the vitriol that gets flung around here, sometimes in bravado fashion, and hope these hard times can really inspire a bit more humility and community-minded thinking.
Joe! – am sorry that’s really scary
Garfield and 7th seems so safe to me
what time of the day was it?
12:30am on a thursday night wasd — thanks for your concern — we were fine (wife and I). it was right in front of the south end of polhemus, the little street that runs between carrol and garfield. basically in front of the pink house, but on the other side. I thought about writing the whole story for a forum but I don’t know if it’s that interesting. cops actually caught one of the guys.
Joe,
REALLY sorry to hear that. Not fun at all, but glad you’re ok. Did you report it? I didn’t see anything like this in the PS crime blotter…
Just to throw some facts into this, armageddon doesn’t seem on the horizon…at least not this year…
**
New York City homicides drop 23%
BY Alison Gendar
DAILY NEWS STAFF WRITER
Tuesday, March 31st 2009, 4:00 AM
Murders fell 23% and overall crime dropped 13% for the first three months of the year, despite a tanking economy and fewer cops on the street.
Police Commissioner Raymond Kelly is expected to detail the stunning reduction in crime as he outlines the impact of recent budget cuts at a City Council hearing today.
The city saw 89 murders in the first quarter of the year, well below the 116 homicides this time last year, and below the 118 murders in 1962, the first year similar stats were kept, officials said.
Overall crime was down 13% through March 29 compared with the same time last year. The drop came despite budget cuts that reduced the number of cops on the street.
Crime is down Joe. Check latest stats.
And why even argue with What about how all these affects people in real life. The dude is a theorycraft warrior living in a basement. He trolls all of you like there is no tomorrow. A simple link to some daily, some stupid remark, personal attacks – whala! 50 replies.
dave — fed is now buying long term notes back to control long term rates (I have to shamelessly point out that I predicted that in a comment here). I think the consensus among economists is that we’re a long way from a recovery, meaning at least a year, and that it can’t happen without a housing recovery — and we all can see how that is going in this chart.
Wow Joe, sorry to hear that. Garfield and 7th…trying to picture that corner. What time of day or night was it?