Case-Shiller: Recovery Waning, Double Dip Possible
Case-Shiller came out with the December numbers for its 20-city index of real estate prices and the results weren’t particularly good: 15 out of 20 cities showed month-over-month declines, though the overall index managed to eke out a seasonally-adjusted increase of 0.3 percent. The good news is that the index staged a 5 percent comeback…
Case-Shiller came out with the December numbers for its 20-city index of real estate prices and the results weren’t particularly good: 15 out of 20 cities showed month-over-month declines, though the overall index managed to eke out a seasonally-adjusted increase of 0.3 percent. The good news is that the index staged a 5 percent comeback starting in April 2009 after a six-month run that saw it lose 11 percent. The bad news is the number of markets with positive monthly returns has gradually decreased over that time from 18 in June to 4 in December. It also doesn’t bode particularly well that the Federal Government is expected stop its purchases of mortgage-backed securities in March, which in turn is likely to lead to a rise in mortgage rates; meanwhile, market pressure from a rising number of foreclosures is expected to keep downward pressure on prices. Seeking Alpha all that means the country’s in for a double dip. Here in New York City, prices fell about 1 percent month-over-month and a little more than 6 percent year-over-year, not as bad as Las Vegas or Miami, but far worse than some other cities like Boston or San Francisco where the downturn started much earlier.
U.S. Home Prices Rise Modestly [NY Times]
Case-Shiller Adds to Confusion on Housing Market [WSJ]
Graphic from Seeking Alpha
It’s a good time to buy when everyone is convinced it isn’t.
Eh, it’s possible Case Schiller has hit bottom AND real estate will be flat for ten years. So DIBS is right, according to the WSJ.
Remember, Case Shiller Index tracks only one family houses. Therefore, the number for NYC Metro Area reflects the market condition in Westchester, Fairfield, Nassau, etc. where most single family houses are located.
it’s just that your ignorance in proportion to your need to insult is truly astonishing.
Posted by: Whuh at February 24, 2010 1:32 PM
As opposed to yours???? Please, dazzle us with your intelligence, just once.
Did you make a cogent bear aargument, Whuh? I’ve never actually seen any argument made by you except an insult directed at me.
You assume that i have a “very high pertion of my net worth tied up in my slum dwelling.”
I’ve educated you on this before. I’d be in a $5-6MM BH brownstone if I didn’t already have 3 other properties. You never seem to understand the distinction.
I’m not really sure why you’re on here at all except to argue with me and then you never present any facts anyway. Sour grapes, maybe???
Agreed, dope, but actually life span of New Yorkers is longer than average, reputedly because we walk more. Isn’t that funny?
My meaning was pretty obvious, Dave, though of course, once again, I’m the idiot. I’m just asking why anyone with a high power finance job, a large net worth, and housing they intended to die in, would come on a RE blog every single day, and leap instantly on anyone who made an (entirely) cogent bear argument.
You could be Charlie Munger, for all I care, though somehow I doubt it. What I do pick up from your insights is how little you know about economics, finance and investing –no hard feelings, it’s just that your ignorance in proportion to your need to insult is truly astonishing.
Gemini – will you be able to get it? – there are income limits. With the prices of most Brooklyn properties advertised on this blog the credit is meaningless because the people buying will shoot through the income limits. Of course, if they have huge downpayments and lower salaries they can buy big and get the credit too.
“people who live in nyc and want to live a farmer lifestyle need to get their heads checked.”
*rob*
Posted by: Butterfly at February 24, 2010 1:14 PM
No, rob, they just seek balance.
It’s a good thing.