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
Well dope, one huge fantasy of mine is growing vegetables in our garden, and while I agree that the air is probably not so different between 3rd Ave and the Park, I do think there’s a BIG difference in soil quality. And I ain’t about to eat lettuce grown so close to Gowanus, no matter how cute the area looks on the surface. As for studies, superfund site anyone?
how low do you think 344 goes? maybe 1.75 is my guess.
same house btwn 3/4 is 1.2 MAX, so it’s a different league.
dont disagree on clinton hill — like it over there a lot.
on toxicity: have there been any love canal surveys? i wouldn’t drink or swim in the canal, but if you’re worried about toxicity between 3/4, then you’re worried about the underground benzene cloud migrating up to prospect park (gas gravitates uphill). anyone seriously concerned about toxicity in new york city makes me laugh a bit as i am sure the average life span of a newyorker is shorter than average american as a result of the black crap we breathe everyday (have to adjust for other variables like fewer motor vehicle deaths though).
M4L – I still don’t follow your reasoning. “Hammering weaker buyers” means you will pay more, not less. I can’t imagine that there are that many buyers with tons more cash than me, but I also have seemingly unlimited credit. Why not use every tool? If I get in a bidding war with you, you will win. I have no intention of fighting for a piece of RE. Winning a bidding war is a chump move and is not how I got so fortunate in the first place.
antidope, if I’m to settle for 3rd/4th ave, might as well stay in clinton hill prime cause that to me is a massive downgrade
So he wants to know how much I have in my IRA and my P.A.????!!!! Does he really know what “other asset classes” means???
Well ‘dope, 3/4 ave may have some serious toxicity issues – not sure the savings are worth it. Gets a bit better bet 4/5, and I think you can “have the dream” there too.
if you’re willing to exit primo then you can have your dream btwn 3 and 4 ave; good tranpsport, near 5 ave services and some blocks are quite nice. and close enuf to prime that you can bask in the glow.
Dave, i don’t think Whuh was talking about LTV. I think he was talking about percentage of networth allocated to RE vs other asset classes.
33″