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]
“Now you can continue circle jerking one another..”
Jealous What?
My neighborhood “boosting” is done out of pure love of my neighborhood and community. As I’ve said before, I really have no concerns over the future short term losses on the value of my home because I have no intention of leaving it. In fact, I hope prices do go down, because I’d like to see a more diverse group of people be able to access these neighborhoods.
And for the record, I love all the brownstone neighborhoods as well as Dumbo. Each have terrific qualities and it’s easy to see why people choose them all.
Every year I’m exploring new areas of Brooklyn outside of the Brownstone area, and last summer went to Victorian Flatbush and Ditmas Park for the first time. Also beautiful.
This spring, I want to go explore the area around Brooklyn College more. I’ve been there back in 2001, but haven’t really been back since.
And I LOVE Coney Island. The roller coaster is a blast.
“As someone said here today, everyone is speculating. No one has any idea what’s going to happen with any certainty. There are people like me and lechacal who like Park Slope and think it will do well, and there are others who don’t. They are opinions at this stage of the game.”
11217 is the zip code for the ghetto Asshead! I know your broke ass wish you could live in Park Slope ; ^ P–
Here retards suck on this!
http://www.federalreserve.gov/newsevents/press/monetary/20090128a.htm
Press Release
Release Date: January 28, 2009
The Federal Open Market Committee decided today to keep its target range for the federal funds rate at 0 to 1/4 percent. The Committee continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for some time.
The Bond market is still in a bubble and remember the FED follows the market, not the other way around!
“Information received since the Committee met in December suggests that the economy has weakened further. Industrial production, housing starts, and employment have continued to decline steeply, as consumers and businesses have cut back spending. Furthermore, global demand appears to be slowing significantly. Conditions in some financial markets have improved, in part reflecting government efforts to provide liquidity and strengthen financial institutions; nevertheless, credit conditions for households and firms remain extremely tight. The Committee anticipates that a gradual recovery in economic activity will begin later this year, but the downside risks to that outlook are significant.”
You retarded basters should read this paragraph over and over again. If it was not for the Government efforts to prop up the financial markets 2008 would have marked the beginning of the great Depression 2. When the US cannot sell it’s debt any more your Brownstone will lose it’s value overnight! When the world says “That’s enough” that will be the end of the MAB.
Now you can continue circle jerking one another..
The What
Someday this war is gonna end…
meant to say I don’t have anecdotal evidence…
lechacal–looks like there is a brownstoner drinks shaping up for March, location TBD. Stay tuned. I’m going to DC tomorrow so I’m out on that front.
dirty hipster–good attitude. hold a position but be cool if you are wrong. always good policy. I am not a park sloper so I have anecdotal evidence to share on you guys’ disagreement. I would say that it would surprise me if PS fared better than Manhattan though, just as a matter of historical common sense.
Fair enough fellas. I understand that you both live there and love it and have a financial stake in what happens to your home values – but to state that PS will hold up better then other Brownstone Brooklyn neighborhoods such as Carrol Gardens, Brooklyn Heights or even Manhattan. I just don’t buy it and interpet it as just boosting up your own neighborhood and will respond as such.
That said – I love you guys and feel free in six months if you’re right to (justifiably) call me an idiot.
Thanks wasder. I was busy for a while, now I’m in real estate hibernation (stopped going to open houses for the next 6 months at least) so I haven’t been showing Brownstoner as much love as I used to.
When is everyone meeting for drinks again? I say impromptu cocktails at Union Hall tomorrow evening if someone else is willing to organize.
lechacal–good to see you. you should stop by more often.
There are no reasons, dirty hipster. As someone said here today, everyone is speculating. No one has any idea what’s going to happen with any certainty. There are people like me and lechacal who like Park Slope and think it will do well, and there are others who don’t. They are opinions at this stage of the game.
Personally I’ve always found lechacal’s posts quite informative and intelligent, and clearly I’m not the only person here who knows of a bunch of people who have moved to the hood. These are just anecdotes, sure…but enough anecdotes add up to a hunch, perhaps.