Corcoran: 'Brooklyn Pricing May Be Reaching Bottom'
Although the data from Property Shark shows that prices were down by at least 10 percent in the fourth quarter of 2009 versus 2008, Corcoran’s latest market report boldly states that “Brooklyn pricing may be reaching bottom as the national and local economies strengthen and sales activity increases versus the first half of 2009.” Some…
Although the data from Property Shark shows that prices were down by at least 10 percent in the fourth quarter of 2009 versus 2008, Corcoran’s latest market report boldly states that “Brooklyn pricing may be reaching bottom as the national and local economies strengthen and sales activity increases versus the first half of 2009.” Some of that optimism stems from the fact that prices are decreasing at a slower rate than in previous quarters. The stats from the resale market—median prices slipped just 2 percent year-over-year—were also encouraging; single-family townhouses held up particularly well, with the median price in the fourth quarter ticking up 13 percent from the third quarter and a whopping 51 percent from the same period a year earlier. For details on how different neighborhoods fared, check out the report.
4th Quarter 2009 Brooklyn Report [Corcoran]
1992 is the year we get Billy Boy linton in office but that is not the important point. The most important point is that in 1992 we get the idea? notion? creed? that every American is “entitled” to the American dream. it is from that moment that the idea of needing hard work, sacrifices and time to buy a home went all in the gutter. It was from that moment thatFrannie and Freddie started to go senial. Those are the original prices of homes. From 1992 until today we have all been living in a fantasy world with cheap easy credit.
Damn, hannible! 1992? Your forcast is worse than mine. But I wouldn’t put it past the collapse. Can’t sleep on the overshoot.
Mopar – Were you able to qualify for FHA financing?
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Yeah, I was dooped alright.
Reading all of this is very amusing after lunch.
For example: “They have no clue that home prices are going back to 1992 levels.”
Can you actually cite 1992 prices???? Why did you pick 1992????
They have no clue that home prices are going back to 1992 levels
That would be awesome hannible. I cant wait to buy like 3 or 4 places which will be no problem with 1992 pricing. Heck, I might even buy Prospect Park and turn it into my own personal estate. Life is going to be so wonderful for all of us soon!
BHO we need the details or the non believers will keep preping up home prices. They have no clue that home prices are going back to 1992 levels. It is very difficult for them to believe they got dooped by the real estate broker when they bought.
“prime properies fare best”
Nope. Everything up +200% from 90’s trough, everything half off. The disparity in home prices between ‘hoods was already built in before Ponzi credit. After everything half off, yes, Park Slope will still be more expensive than Bed Stuy as it always was before the credit giveaway which is what this whole bubble was all about. EVERYTHING was overvalued. [BTW, nice to see ya, lechacal!]
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Look, there’s nothing Washington can do. There wasn’t anything they could do in the 1930’s except declare a world war a whole decade later. We are in a deflationary collapse. The money supply grows and shrinks with debt creation. Loans are now contracting as fewer and fewer are taking them out. Great Depression Redux. You guys are getting lost in details.
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“A slowing rate of change does not explicity imply that a cycle bottom is approaching.”
But, Donald Brennan, it’s not really a slowing rate of change overall. It’s a double-dipping. We’re on the second dip. Corcoran tried to compare the summer/fall deadcat bounce to the spring valley but I caught ’em! Besides, even they disclose that data is 2-3 months behind, as is Case-Shiller, because of the public record process.
“To believe that we have turned a corner you would have to discard the notion that easy credit and poor lending standards were part of the cause in the last run up in prices.”
BULLSEYE, Donald Brennan!!!
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