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.
gemini10 wrote:
I hate being a doom/gloom person…
I understand, but, optimist/pessimist doesn’t apply, that’s immaterial…what’s important is basing your decisions on where you think we’re headed. Short term rally, yes, but long term? Exactly.
My concern with the economy(esp NYC/NYS) is that we have lost a lot of jobs and will continue to see more job loss coupled with a state and local government that is peeling away.
I have been team bull since someone made the distinction on this board, but something we can’t ignore is the fact that many jobs have been cut within the past 6 months and will continue to be cut especially in NYC. So with these folks now coming off of severance and having used up their savings, what do they do now? sell their homes, stop renting high priced rentals and so on.
I hate being a doom/gloom person, but I do think we will see more price cuts across the board in local real estate
(sorry if many of you have said this before)
Got my hands on my ears DIBS
ditto…did you see What called me a “Mo Mo” above???
Do you think I would get away with calling him something that sounds similar?????
“2 more month guys, 2 more month!!!”
Till we get an “ignore” button.
It was a pretty good day here on Brownstoner. Even without Biff (I know he will read this anyway!)…
“Today was one of the best days ever on Brownstoner!
The What”
Ah, bless his little cotton socks, he’s all excited.
What, you should get out of the city more often like you did last weekend. Find a few other HF guys with country homes.
You don’t need to believe me WHAT. I am frankly jealous of her job. She is 26 and makes between 100K and 200K a year (depending on their performance) and works with 2 other people without the family ever bothering them.