Home Prices Continue to Slide, and NY's No Exception
The New York region isn’t immune to the housing troubles plaguing the rest of the nation, according to data released yesterday. The Standard & Poor’s/Case-Shiller indexes found that home prices in 20 large metropolitan regions fell 6.1 percent from last October to October ‘07; year-over-year values in New York, meanwhile, dropped 4.1 percent. While the…
The New York region isn’t immune to the housing troubles plaguing the rest of the nation, according to data released yesterday. The Standard & Poor’s/Case-Shiller indexes found that home prices in 20 large metropolitan regions fell 6.1 percent from last October to October ‘07; year-over-year values in New York, meanwhile, dropped 4.1 percent. While the data covers the whole New York region rather than just the five boroughs, an S&P analyst told the Sun that the numbers reflect the city’s changing fortunes. “We track a large area where the homeowners’ livelihood ties back to the New York City economy,” the chairman of the index committee at Standard & Poor’s, David Blitzer, said. “The home prices in New York have been weak, and don’t show signs of a quick turnaround. Several New York analysts, however, believe that closings on high-end properties will buoy the city’s market—closings that are tied to Wall Street bonuses. “For New York City, the wild card will be what happens with Wall Street,” Jonathan Miller, the director of research at Radar Logic, said. “The impact on real estate will be more associated with jobs and bonuses than anything else.”
Home Prices Fell Faster in October [NY Times]
A Bearish Sign for N.Y. Home Prices [NY Sun]
This presidency is going to end in one year, but are we going to be better off. I don’t think so.
Real Estate is an investment, just like stocks, bonds, funds, etc.
I wonder if ‘The What’ goes on Business Boards and discourages people from buying stocks, etc. cause the what thinks the economy is doomed.
Correction Time!!!
Right– be a genius, never enjoy mortgage-interest tax deductions or appreciation, be a rent slave forever!
And when you’re 50, 50, 70, and your landlord demands more than your social security (ha!) provides, see you in the shelters!
It’s not the detestable flippers who you’re misinforming with your rants, The Twat. It’s the responsible people who need a place to live for the long haul, who you’re encouraging to rent forever (or whatever it is, exactly, that you expect them to do). Piss off.
Someday this presidency is gonna end…
“Good luck to everybody–don’t give up!”
Be a sucker. Buy a house, be a debt slave for Banking Interest!
The What
Someday this war is gonna end…
“The language on this website is shameful.
Mr. What, would you mind managing to rephrase much of what you write? As I have said in the past, the way in which you couch your arguments robs them of their force. People may enjoy reading angry comments, but I’m sure you could form more cogent arguments without all this swearing.”
I tried to be civil but, no more. I have to pay 3.25 for gas, 3.89 for whole wheat bread over 4.00 for milk because someone wanted to be a flipper. Inflation is killing us now! The flippers and the people who lent them large sums of money has messed things for the rest of us. America is going to have a Depression very soon. You can say I’m out of my mind but, deep down you know I’m right. I can’t start to be nice again so. I will say and write what I feel. BTW no other nation is going to help us, they hate our guts. RIP Mutant Real Estate Bubble.
The What
Someday this war is gonna end….
I hear you, 7:28– I would NEVER have been able to afford even a 1-bedroom in Bed-Stuy if it weren’t for a couple of mid-life strokes of dumb luck; my education was in a career that pays roughly schoolteacher wages. I feel for everybody who’s struggling to buy a piece of the city.
That’s partly why I hate it so much when hysterical ranters discourage people from even thinking about buying, instead attempting to game the possible downturn, as people have been attempting to do since approximately forever. Until you get a piece–even a little, teeny piece of real-estate–you’re not in the game. The (immediate!) tax deductions, the (eventual, not necessarily instant) appreciation, nothing has played a more important part in our semblance of financial freedom.
I know people in their 60s who are still renting in this town. They will NEVER be able to afford even a 1-bedroom in Bed-Stuy.
Good luck to everybody–don’t give up!
You know the market is softening, when real estate agents call you back.
A 20% correction needs to happen in the NYC market.
I’m in that middle class that can’t afford to buy real estate in NYC.
My husband and I are self employed and earn about 100-110 a year combined. We’d consider our selves middle class, and compared to the average income across America, we’re doing very well.
But attaining the American Dream of home ownership is alluding us. We don’t want to live any where but NYC. We’re in our early 30’s, work, pay our taxes, have some savings, but we can not afford a $6,000 month mortgage for the average cost of an 800,000 house.
We’re hoping to save enough money, that by the time we’re 60 years old, we can buy a studio in the worst neighborhood in NY, just to own a slice of the pie.