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]
I had a conversation with someone the other day and they wonder what are people thinking.. The delusion and denial is astounding. We are in the worse economic crisis in years and still the Assheads spew of crap like “Outlook is bright from here on. with the creation of Obamas bad bank I think we go level off in the next 6 months. If you look at recent closings we are holding our own.”.
Bank of America and Citibank are ZERO’S! They are done, finished and kaput. If you are long anything right now (including housing) thing are turn out real bad for you.
Bankers’ Fear of Unemployment
http://online.wsj.com/article/SB123293202890614265.html?mod=googlenews_wsj
“Last week, consumer lender Capital One Financial increased its unemployment forecast to 8.7% by the end of 2009, from its previous expectation of 7% by midyear. And Capital One added that it is building more-severe unemployment scenarios into lending decisions.”
In the Capital One conference call the CEO said that “”The economic downturn was the key driver of our fourth quarter and full year results, and we expect that the recession will continue to impact our results throughout 2009,” said Richard D. Fairbank, Capital One’s Chairman and Chief Executive Officer. ”
But fools suffer gladly…
The What
Someday this war is gonna end..
Note to Team Bear: Leave this alone and let the dumbasses keep going…
> “Enter the loons, stage left.”
Don’t bother, they’re here.
agreed with posters above
December saw an uptick in home volume sales (maybe not an increase in home prices). With Mortgage rates and home prices dropping and with spring around the corner I think we will see an increase in home sales with buyers coming out a bit to “play” and “test”.
I also beleive that companies are taking stock now and thinking twice about laying off mass amounts of people. Who will be left to run these companies back to success?
Even I don’t disagree with that greenwood.
Here’s a well written, brief story about how this type of recession, which is probably best referred to as Hayekian, is different from what we all know as a Keynesian cycle….
http://economictimes.indiatimes.com/Opinion/Beware_Recession_may_be_Hayekian/rssarticleshow/4039058.cms
I have a pretty good memory. I’m old enough to remember the economic problems in the 1970s, the Wall Street “crash” in the 1980s, the dot-com bust, etc. I’m not making any predictions about home prices, but if you think this economic downturn is no worse than those, you haven’t been paying attention.
If anyone has a reason to want to see home prices fall it’s people like me; those just finishing their educations, hoping to embark on reasonably lucrative (no MBA here, more like a MPA) careers. But my obvious bias favoring team bear is offset when I consider the dwindling volume of homes for sale in the market place.
In my eyes the immense volume of transactions over the years have been comprised of people trading-up, rather than selling and moving on. My point here is, even if prices come down some, they aren’t going to crash — not unless people begin to flee. New York is home base for the majority of people who own property here, I think. And the last I checked there is no scheduled mass exodus to the ‘burbs, like that my parent’s generation embarked on.
Maybe I’m wrong — honestly, I hope I am; but, prices in Brownstone Brooklyn will never again be close to relatively affordable. If I had to guess, worst case scenario, average prices will bottom out at 50% above what they were in 2000.
So to me there’s really no such thing as a bear market, at best it becomes more like a neutered bull.
Outlook is bright from here on. with the creation of Obamas bad bank I think we go level off in the next 6 months. If you look at recent closings we are holding our own.
Yes, christopher…as ditto or slope reminded us last week it’s the “goldfish” syndrome.
People’s brains are so small that they have a memory like that of a goldfish…Each time around the bowl is an brand new experience for them!!!!
I love short memories…
… about 10+ years ago there was the dotcom boom/bubble/burst.
Home prices skyrocketed, plummeted, leveled, rose… Mass layoffs, company and industry failures…. sound familiar?
I worked in the dotcom sector back then, the days of “it’s the end of the internet… recession… depression… can’t afford to live…”
This too shall pass..