Case-Shiller: Beware the Head Fake
There was some reason to take comfort about yesterday’s data from the Case-Shiller Index—the rate of price declines slowed for the third straight month nationally. But before you break out the champagne and check books, get a dose of what the Wall Street Journal had to say yesterday: The bloodletting may not be over. Here’s…
There was some reason to take comfort about yesterday’s data from the Case-Shiller Index—the rate of price declines slowed for the third straight month nationally. But before you break out the champagne and check books, get a dose of what the Wall Street Journal had to say yesterday:
The bloodletting may not be over. Here’s why: If price declines accelerate for the mid-to-upper end of the housing market, then that could generate enough large declines in values—even among a small segment of the overall housing market—to push the index lower still.
Meanwhile, here in New York (where there’s plenty of “mid-to-upper” properties) housing prices ticked down another 1.6 percent in April for a total of 21 percent off the June 2008 high, as the chart above shows.
I’ll just consider the source on that one, Whuh. When you get to the point that you manage your own money and that of a few others as a career, feel free to comment. Everybody as well has seen the kind of low life shit that you spew on here.
DIBS, a comment like that opens you up to a line of attack. Which is, no real HF person brags about how many cars they have; they’d consider it ghetto. And no real HF person lives in Bed Stuy. My HF friends have houses in Pacific Heights and the W Village and Sonoma and Rhinebeck and London and etc etc. This website gets what, a million hits a month? There are surely many visitors who know something about money, and I can safely speak for them, and say, they smell you from a mile away, for the mid market poseur you are.
I’ve seen interest rates all over between 4.5% and close to 8%. That never deterred me from buying anything. I have rarely used any ARMs. I used two when I was doing some spec rehab in Chicago but they were 3-year…never the really short stuff. You always want to minimize your risk of getting in trouble with rate adjustments.
Team Bear and the other downers on here are right. The problems were all caused by people “affording” mortgages that they couldn’t because the ARM rate was ridiculously low. No one should ever put themselves at risk in that type of situation. It’s nothing different from margin debt to play the stock market.
bridges, I have a tenant here in bed Stuy, the others are all in other places, no tenants, more or less second/vacation homes, two mortgages that add up to $3,400 monthly. I bought all the others between 1992 and 2000.
I’ll never argue with anyone that home prices haven’t gone up significantly and things were a hell of a lot cheaper back in the late 90s. I do feel for people that prices now are largely unaffordable. I sold off some rental properties in 2005.
Dibs do you own all that outright? Do you have tenants?
Joe just look at what’s going and not the “Prop-Agenda” crap!
Pride before the fall…
The What
Someday this war is gonna end…
Hey What, you still livin with your mother in Lodi, NJ?? When did you leave Bed Stuy?? When Spike made the movie?? Did you get driven out by some guy with a Celtics jersey and a $600 bike??? Did he ride over your Jordans???
Think what you want. I’m the one with four residences and 6 cars!! ROTFLMMFAO.
LOL Joe. Maybe we should have a Team Bear pubcrawl [j/k]