Has the Bubble Finally Burst?
The NY Post certainly thinks so. They report that single-family home prices fell in the city 7.4% from July of ’07 to July ’08 (though the number is 16.3% for cities they surveyed overall). They point to a Park Slope brownstone whose price has sunk from $2.8 million in January to $2.35 million now; still…
The NY Post certainly thinks so. They report that single-family home prices fell in the city 7.4% from July of ’07 to July ’08 (though the number is 16.3% for cities they surveyed overall). They point to a Park Slope brownstone whose price has sunk from $2.8 million in January to $2.35 million now; still seems like pretty close to bubble prices to some folks around here. We’ve been seeing prices fall in some new condo projects around town. So is this it, the moment you’ve been dreading or dreaming of?
NY $$-Home Bubble Bursts [NY Post]
Bubble. Photo by Pepa….!
Prodigal–which half?
Polemicist:
Ha ha ha! you are high!
Don’t be silly. Hank Paulson deserves to suffer. HARD.
Wasder-
Sorry, I think 1/2 this country’s population -deserves- to suffer.
gkw
I gave you a nice link for a great book on this subject already. The Hirsch Report is generally considered one of the more authoritative papers on the subject. Many other books have been written.
Besides, the WSJ has little interest in report a truth, not a theory, that will have sudden, revolutionary implications for the future of mankind. Such revelations do little to inspire confidence in the Wall Street Casino.
I wish we could get beyond who “deserves” to suffer. Very few people in the world deserve suffering.
serpentor…
“yeah. that is the scary part. I’m amazed when I talk to my peers (early 30s, working but not lawyers or anything) and realize that most couldn’t come up with anything beginning to resemble a down payment. I think there’s a correlation between that and the way I’m always envying their travel and wardrobes and stylish home furnishings.”
You just described me. Except I have a reliable, high paying job, ZERO debt- read: 0, pay next to nothing in rent and have PLENTY of cash in the bank. Oh yeah, and travel, nice wardrobe and stylish home furnishings, much of which I’ve recently bought at the Brooklyn Flea Market.
Down payment, I’m sitting on it, Thanks.
The only thing that could be a problem for me is if FDIC collapses. But I’ve got a few hundred grand in cash buried in my yard in case that happens.
“on the flip side, other people – those who bought more recently, will lose, a lot. for the most part, they were unlucky”
We are only unlucky if we have to sell. And I’d wager that 90% of homeowners in NYC did not buy to flip. It’s such a process here to buy a property, that I believe many people bought to live in their homes.
I feel quite lucky, in fact.
lechacal: “You don’t know who i am” You sound Like a NUT job. Who are you? The Son of Sam. Get A Hold on your Life.