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]
yeah, lechacal, without a slapfight, what is your prediction?
Yes, lechacal. If you’re “quite certain” of the outcome, please let us in on it.
What do you think the outcome is lechacal?
Speaking of slapgfights, did we lose Miss Muffet?
Ajax, of course most of these regulars don’t know what’s going to happen. That’s why they are here slinging mud at each other — insecurity and fear that what they hope will happen might not happen, and an absurd hope that if they browbeat the other side into submission perhaps the outcome will be as they hope.
I feel quite certain about the outcome, and for the most part I stay out of these debates. I have made my bet, and now I am waiting until it pays off. In the meantime I don’t see any point in getting in a slapfight with anyone about it.
Ajax–well said. Although the nature of the beast with a site like this is to talk through your asshole as if you have some special insight. You are absolutely correct that nobody on either side of this debate has any way of knowing if they are right.
Brother Bulls/Brother Bears,
I enjoy watching these exchanges as much as the usual suspects obviously enjoy participating in them, but come on. Seems to me the truth of the matter is that – other than the apparent agreement of everyone on this site that the Brooklyn market is going to experience a mild-to-moderate correction in the next year – nobody knows what’s going to happen.
Team Bull assumes that Brooklyn’s underlying fundamentals are sound. This may well be correct for some neighborhoods of the borough; less correct (possibly much less correct) for others. I can understand how the pretty consistent refusal of some Bulls to acknowledge this (combined with a penchant for conveniently biased boosterism) drives the Bears insane.
Team Bear (many of whom seem to have some convenient biases of their own) assumes that we’re on the threshold of something truly ahistoric and cataclysmic. (Begin stockpiling canned goods and firearms!) Possibly so. But at the end of the day, that’s pure speculation on their part.
My own view is in the middle. I think that this is going to be something more than an everyday correction and, in some neighborhhods, is going to feel like much more than an everyday correction. But at the end of the day, I have no idea what’s going to happen.
And, near as I can tell, neither does anybody else that posts on this site.
The whole dialogue would certainly be helped by less boosterism from the Bulls (that goes for the site’s editor too), less gloating from the Bears and a lot less certitude by all involved.
My $0.02 from the luxurious sidelines.
> “I hear greenpoint has reopened the wooden shipbuilding yard and Red Hook is going back to making coal gas.”
That’s a sweet chunk of snarky goodness, ditto.
I agree with Benson. Suprise, surprise.