NYC Housing Prices Continue to Fall
Just-released March data from Case-Shiller shows New York City housing prices continuing to fall both on a monthly and yearly basis. New York was down 0.7 percent versus February and 2.4 percent versus March 2009 while some of the cities to be hit hardest early on, like San Diego and San Francisco, continued to experience…
Just-released March data from Case-Shiller shows New York City housing prices continuing to fall both on a monthly and yearly basis. New York was down 0.7 percent versus February and 2.4 percent versus March 2009 while some of the cities to be hit hardest early on, like San Diego and San Francisco, continued to experience strong recoveries. Price improvement in the housing market is clearly slowing and there is a very, very real risk that over the next few months, the year-over-year change in prices turn negative, Dan Greenhaus of Miller Tabak & Co. told The Wall Street Journal. That is not to say housing drags us down into a full-on double dip recession, something we’ve never believed, but its tough for us to envision a scenario in which housing prices decline and sentiment and perhaps consumption does not follow suit. The official press release is here.
FEDs unloading MBS’s, risk, debt default, etc. A return to normalcy.
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Why are mortgage rates going to 8%?? What evidence do you have??? CPI was 2.2% for April.
Squaredrive, “The bigger the government, the smaller the citizen” is a Dennis Prager coinage. And, it is true.
Glenn Beck isn’t my cup of tea, but it depends who the alternative is. I just want the center-right to take over, and the current socialists to disappear. Believe me, if/when we become France, there won’t be another America to turn to to save us. There will simply be an abyss. We are all that is left. And “we” are disappearing, day by day by day.
Cap rates consider net income after costs and are inversely proportional to prices. More accurate but not always convenient to crunch. Get me to 10x GRM (calculated with light speed) and then we can talk cap rates. Mortgage rates will easily be back up to 8+ percent.
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“The bigger the government, the smaller the citizen.”
someone needs to slowly step away from the glenn beck…
The 10X rent roll is total bullshit. It depends upon what the risk free rate is. In the 80s and early 90s it was much, much higher.
BHO doesn’t understand cap rates.
Of course there is/will be a double dip recession–or an “L” “recovery”–we have King Socialist Moron in the White House, and a Congress of socialists–what did you expect.
Lets hope for both houses to flip decisively in November, and a Romney or Thune or Pawlenty in the White House in 2012. But Flipping Congress this year many be our only hope to stave off a new Middle Ages of war, radioactivity, and poverty.
The bigger the government, the smaller the citizen.
Thanks, wasder. Unfortuantely, everything in NYC that went against perpetually escalating home values became N/A since 2003. 10x rent roll is a fundamental gage that, when hit dead on or below, warrants further analysis. We’re nowhere near that.
http://tinyurl.com/yb8hft9
Yes, brownstones are buildings. When you rent all or a portion out, they become rental buildings.
Then we have 3x median household income which is way out of whack. The median household income in Bed Stuy is not $250K/year by any stretch of the imagination. In Clinton Hill, not $500K/year by any stretch of the imagination. In Park Slope, not $667K/year by any stretch of the imagination. Not even with rental income.
***Bid half off peak comps***