Latest S&P Numbers: Surprise! They Ain't Good
The Journal reports that the most recent S&P/Case-Shiller indexes, which covered home-price trends in 20 major metropolitan areas through April, show home prices dropping 15.3 percent in the past year—a record decline. The continued devaluation of residential real estate across the country set home prices back to where they were a whole three years ago,…
The Journal reports that the most recent S&P/Case-Shiller indexes, which covered home-price trends in 20 major metropolitan areas through April, show home prices dropping 15.3 percent in the past year—a record decline. The continued devaluation of residential real estate across the country set home prices back to where they were a whole three years ago, even though eight of metropolitan areas included in the index showed a bit of improvement over March of this year. There was no region studied, however, that did not post a year-over-year decline in prices. Vegas and Miami saw the biggest price drops between April ’07 and April ’08, while Charlotte and Dallas fared the best. The New York region was somewhere in the middle, with a year-over-year decline of 8.4 percent and a 1.3 percent dip between March ’08 and April ’08. “There might be some regional pockets of improvement,” said David M. Blitzer, chairman of Standard & Poor’s index committee, though “on an annual basis the overall numbers continue to decline.”
Home-Price Gains Are Erased, Now Stand at 2004-2005 Levels [WSJ]
Graphic from the Wall Street Journal.
Yea, thats right, because i’ve pointed out all your potential environmentally-damaging behaviors after you condemned people living in the suburbs for destroying the planet, that means i deny global warming. I also deny the pope is catholic and that the sky is blue.
If you think that urban living per se makes your environmental impact smaller than that of a suburbanite, then you are ignorant. A green dilettante.
The best thing you could do for the planet is shoot yourself in the head.
Suburbanite here.
I think PS is one of the most gorgeous neighborhoods I have ever seen. But there are a few problems. 1) You have to be wealthy to buy a house. 2) Even if you are wealthy you typically buy a 2-family house. I would NEVER want to deal with a tenant. 3) No parking. Sure it’s a great walk around neighborhood. But the freedom to get into my car that is parked in my driveway is something I would not want to give up. 4) Private schools – most people cannot pay the big mortgage and $27,000 per kid for private schools. 5) Public schools – my cousin lives in PPS. Because her children have different needs and abilities, she is going to end up using four different elementary schools, middle schools and high schools. What a hassle. In the ‘burbs you use one school. 6) The commute. 30 minutes and a guaranteed seat on Metro North beats the subway from PS any day.
Again, this is not a criticism of PS or any Brownstone Brooklyn neighborhood. But they’re not for everyone.
Puhlleaze. Its all very well to do your bit, but to criticize others without even being aware of your own sins…
I’ve lived in the burbs for many years. I know the pros and cons of each. I can’t believe that you are even trying to argue the point for suburban living over urban living, when it comes down to environmental issues. Do you not believe global warming is happening either?
3.31 – or are we talking about the holier-than-thous who only know half the story and therefore find it easy to criticize others?
The owners on here with Ipe decking (certified sustainable of course!!!, bollox certification thats what that is), air travel vacations, inefficient brownstones, imported-delicacy consumption.
Puhlleaze. Its all very well to do your bit, but to criticize others without even being aware of your own sins…
“”How could speculation in the futures market affect the price of oil?”
Not the sharpest knife in the drawer, are ya?”
Guess not.
I don’t understand how buying and selling paper — a theoretical right to future delivery that will be settled in cash without any oil actually changing hands — affects the price of the real thing. Usually derivatives derive their price from the underlying asset, not the other way around.
So explain it to me. And to Krugman too; I’m just parroting him.
3:30:
Because some people on this blog think that no one should be held accountable for anything. They are the closeted Republicans of NYC. They come out on this blog and terrorize people like you who are trying to make a difference by trying to make you feel guilty for it.
Why shouldn’t people who own 2 or 3 cars and own 5000 square foot homes in outlying areas be held accountable for doing more than some people to harm the earth, which we all share, 3:25?
I don’t understand that position.
Brownstones are relatively heat efficient anyway, due to the party walls.