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.
as we debate, please dont forget to continue to pile onto the savings pile cause there’s going to be some bidding wars when mkt hits bottom – ie there’s tons of deep pockets on the sidelines.
By bklplebe on May 25, 2010 12:54 PM
OK C-S index is not relevant
dow is not relevant
cutbacks is not relevant
tax increases not relevant
lower wages not relevant
higher debt not relevant
bank reform not relevant
I guess the only relevant (aka positive) info is “last week’s biggest sales”.
…
I made a point about Case-Shiller – and nothing else – because I think it is one which I think the average reader is largely unaware.
OK C-S index is not relevant
dow is not relevant
cutbacks is not relevant
tax increases not relevant
lower wages not relevant
higher debt not relevant
bank reform not relevant
I guess the only relevant (aka positive) info is “last week’s biggest sales”.
As (at least) three commenters have already pointed out, the Case-Shiller index for New York is the metro region, taking into account counties in Connecticut, New Jersey and Pennsylvania.
If you think it makes sense to include Manhattan and brownstone Brooklyn with Pike, PA, and Fairfield, CT – then enjoy your C-S.
If you think it makes sense to gauge the metro NYC index by EXCLUDING ALL CO-OPS AND CONODS – then enjoy your C-S. You did know that this index excludes all co-ops and condos, right?
Every time this report comes out I am amazed that folks on Curbed and Brownstoner think it is even relevant.
http://bk.ly/rY4
“alas I was not clairvoyant.”
it wasn’t hard to see–unfortunately too many charlatans in this blog
wasder, ignore the blathering commentariet and enjoy your home. sounds like you are a sane and responsible owner unlike far too much of our society.
correct me if I’m mistaken…but Case_shiller index is based on single family home sales in metro area. So not hard to figure out that in NY – represents suburbs far far higher than city. Not to say that there isn’t correlation between coop/multi-fam/condo market in city and what goes on in suburbs but there certainly can be variance.
plebe–alas I was not clairvoyant. I can only exist in the reality in which I find myself, as opposed to others who seem to feel that they can shape reality to fit their needs. Since I went through my own teeth gnashing moments in fall 08, however, my experience of ownership has been satisfying, given that I have been able to shape my own house to my taste and needs, something I wouldn’t have been able to do with a rental. In re appreciation, it is true that I expect no significant growth in value in the immediate to middle term but I have watched comps on the blocks surrounding mine exceed the price I paid by several hundred thousand dollars, so if prices fall they will likely fall into range with my original purchase price.
but consumer confidence isn’t representative of brownstone brooklyn!!!