Case-Shiller: November Crappiest Month Ever
Prices for homes in the New York area declined at a faster rate in November than in any other month on record. According to the S&P/Case-Shiller Index, properties within a 50-mile radius of the Big Apple declined 1.6 percent between October and November and 8.6 percent year-over-year. The news wasn’t all bad though: New York…
Prices for homes in the New York area declined at a faster rate in November than in any other month on record. According to the S&P/Case-Shiller Index, properties within a 50-mile radius of the Big Apple declined 1.6 percent between October and November and 8.6 percent year-over-year. The news wasn’t all bad though: New York prices are still up 87 percent since the index started in 2000. New York also had company in the misery department: Atlanta, Boston, Charlotte, Chicago, Dallas, Portland and Seattle all had their worst months ever.
City Sees Record Home Price Drop [The Real Deal]
Home Prices Fall at Record Pace [CNN]
NY Home$ in Record Plunge [NY Post]
Home Price Index Fell Again in Nov. [NY Times]
another week, another round of “confounding level of supidity” comments from dibs. A report of the “worst month ever” and dibs is proclaiming “no problem”. Lol you can’t make this stuff up. Dibs, Nov in case you forgot was the very beginning of this nyc crisis. hhaaahhaa what an idiot. I guess, we should just expect this from him. After all he did speculate in the ghetto. Oh, when Sebb makes a guest appearance and proclaims “Outlook is bright from here on” you know we’ve got something special going on in this thread.
Christopher: Yes, the U.S. has come through some very bad economic times in the past and there’s a very high probability it will again. But you’re “sure we’ll get through this as well”? I’m not being sarcastic or snarky when I say, may I ask why?
Just because the U.S. has been the world’s primary economic and political power for the past 100 years, doesn’t mean it will be so forever, despite the nonsense that Bush and Obama said about us being Jesus’ favorites or something like that…
“Barring some kind of alternative industrial renaissance in the 5 Boroughs we are looking at a major retrenchment of city services and possible relapse of the 1970’s city bankruptcy”
I hear greenpoint has reopened the wooden shipbuilding yard and Red Hook is going back to making coal gas.
I guess this puts me in Team Loon.
I think what many people around the area have not yet realized is that the largest driver of NYC city revenue (Banking & Finance) is undergoing the most historic upheaval since the Great Depression. City revenues from the industry will be -80% or thereabouts for the next 5 years and will may not return to anything close to the mid-2000’s for 10 yrs or more. Barring some kind of alternative industrial renaissance in the 5 Boroughs we are looking at a major retrenchment of city services and possible relapse of the 1970’s city bankruptcy (albeit under different circumstancses). This is not a doomsday scenario, this is the realistic outlook that dare not speak its name. If you think that bodes well in any way for NYC real estate prices, well then I’d like to understand your reasoning?
“Enter the loons, stage left.”
No drum roll! Come on, dave!
The big picture…
MO-YR YOY REMARK
Apr-91 -8.89% ACTUAL BOTTOM
May-91 -8.12%
Jun-91 -6.91%
Jul-91 -5.57%
Aug-91 -4.23%
Sep-91 -3.04%
Oct-91 -2.33%
Nov-91 -1.71%
Dec-91 -1.14%
Jan-92 0.00% BOTTOM CALL (changes sign)
Feb-92 0.94%
Mar-92 1.92%
Apr-92 2.92%
May-92 2.84%
Jun-92 2.23%
Jul-92 1.45%
Aug-92 1.19%
Sep-92 0.91%
Oct-92 0.63%
Nov-92 0.72%
Dec-92 0.82%
Jan-93 1.27%
Feb-93 1.40%
Mar-93 1.41%
Apr-93 1.26%
May-93 1.37%
Jun-93 1.73%
Jul-93 1.82%
Aug-93 1.58%
Sep-93 1.65%
Oct-93 1.91%
Nov-93 1.99%
Dec-93 1.80%
Jan-94 1.42%
Feb-94 1.34%
Mar-94 1.70%
Apr-94 2.04%
May-94 2.43%
Jun-94 2.30%
Jul-94 2.52%
Aug-94 2.71%
Sep-94 2.71%
Oct-94 2.54%
Nov-94 2.11%
Dec-94 2.15%
Jan-95 2.18%
Feb-95 2.43%
Mar-95 1.76%
Apr-95 1.16%
May-95 0.62%
Jun-95 0.49%
Jul-95 0.27%
Aug-95 0.11%
Sep-95 0.11%
Oct-95 0.30%
Nov-95 0.45%
Dec-95 0.43%
Jan-96 0.45%
Feb-96 0.56%
Mar-96 1.22%
Apr-96 1.50%
May-96 1.70%
Jun-96 1.20%
Jul-96 1.24%
Aug-96 1.44%
Sep-96 1.62%
Oct-96 1.57%
Nov-96 1.48%
Dec-96 1.69%
Jan-97 1.84%
Feb-97 1.71%
Mar-97 1.36%
Apr-97 1.38%
May-97 1.47%
Jun-97 2.53%
Jul-97 2.94%
Aug-97 3.00%
Sep-97 2.92%
Oct-97 3.10%
Nov-97 3.65%
Dec-97 3.85%
Jan-98 4.10%
Feb-98 4.71%
Mar-98 5.39%
Apr-98 5.91%
May-98 6.20%
Jun-98 6.19%
Jul-98 6.54%
Aug-98 6.96%
Sep-98 7.54%
Oct-98 7.81%
Nov-98 7.80%
Dec-98 7.60%
Jan-99 7.35%
Feb-99 7.20%
Mar-99 7.45%
Apr-99 8.06%
May-99 8.15%
Jun-99 8.65%
Jul-99 8.86%
Aug-99 9.49%
Sep-99 9.69%
Oct-99 10.00%
Nov-99 10.27%
Dec-99 11.01%
Jan-00 11.74%
Feb-00 11.85%
Mar-00 11.83%
Apr-00 11.81%
May-00 12.82%
Jun-00 12.68%
Jul-00 12.62%
Aug-00 12.41%
Sep-00 12.38%
Oct-00 12.49%
Nov-00 12.48%
Dec-00 12.68%
Jan-01 12.66%
Feb-01 12.90%
Mar-01 13.04%
Apr-01 12.88%
May-01 11.53%
Jun-01 11.23%
Jul-01 11.29%
Aug-01 11.49%
Sep-01 11.98%
Oct-01 12.08%
Nov-01 12.49%
Dec-01 11.49%
Jan-02 11.12%
Feb-02 10.47%
Mar-02 10.50%
Apr-02 10.67%
May-02 11.61%
Jun-02 12.13%
Jul-02 12.97%
Aug-02 13.45%
Sep-02 13.65%
Oct-02 14.31%
Nov-02 14.87%
Dec-02 16.42%
Jan-03 17.06%
Feb-03 17.46%
Mar-03 17.30%
Apr-03 16.88%
May-03 16.16%
Jun-03 14.87%
Jul-03 13.55%
Aug-03 12.63%
Sep-03 12.46%
Oct-03 12.11%
Nov-03 12.07%
Dec-03 11.78%
Jan-04 11.65%
Feb-04 11.96%
Mar-04 12.29%
Apr-04 12.55%
May-04 13.02%
Jun-04 13.85%
Jul-04 14.49%
Aug-04 14.69%
Sep-04 14.44%
Oct-04 14.60%
Nov-04 14.38%
Dec-04 14.08%
Jan-05 14.40%
Feb-05 14.78%
Mar-05 15.34%
Apr-05 15.33%
May-05 14.92%
Jun-05 14.38%
Jul-05 13.72%
Aug-05 13.71%
Sep-05 13.93%
Oct-05 14.15%
Nov-05 14.49%
Dec-05 14.86%
Jan-06 14.06%
Feb-06 13.30%
Mar-06 11.53%
Apr-06 10.75%
May-06 10.01%
Jun-06 9.13% ACTUAL PEAK
Jul-06 7.70%
Aug-06 5.94%
Sep-06 4.52%
Oct-06 3.20%
Nov-06 1.87%
Dec-06 0.52%
Jan-07 -0.34% PEAK CALL (changes sign)
Feb-07 -0.91%
Mar-07 -0.91%
Apr-07 -1.56%
May-07 -2.35%
Jun-07 -2.94%
Jul-07 -3.20%
Aug-07 -3.35%
Sep-07 -3.61%
Oct-07 -4.08%
Nov-07 -4.50%
Dec-07 -5.29%
Jan-08 -5.64%
Feb-08 -6.62%
Mar-08 -7.47%
Apr-08 -7.95%
May-08 -7.90%
Jun-08 -7.29%
Jul-08 -7.06%
Aug-08 -6.67%
Sep-08 -7.28%
Oct-08 -7.66%
Nov-08 -8.69% FURTHER FROM ZERO
Wow! And all of these numbers are undoubtably for contracts signed before the October global market implosion.
How much did they want for that HOTD yesterday?
(Team Loon)
***Bid half off peak comps***
DIBS, interesting article.
Greenwood, I’m not saying this cycle is the same as others, what I’m saying is every downturn or recession the doomsday folks come out and the media runs with the “end is near” type stuff.
I’m sure the next few years will be tough, all I’m saying is that this country has come through tough times in the past and I’m sure we’ll get through this as well. More thoughtful spending and saving is always a good thing….
I’m sensing the SOTD may already be won, but I will keep an open mind. Off to meetings, whee!
This economic crisis, like other crises in the past, will bring back the fundamentals to the fore. It doesn’t mean it’s the end of the world as we know it.
You take a dash of the 87 crash (asset devaluation? check!), a pinch of the dot com bubble burst (new math not so new after all? check), mix it up a bit with the great depression (ponzi scam and fraudsters? check), and voilà ! Nought Soufflé, all deflated.
People will still go to work, (or collect unemployment), be miserable and underemployed, pay rent, buy food and clothes. Maybe not as much as before, but this too shall pass. Soon enough, asshats in Prada will double-park their Hummers on Avenue B again.