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.
Consumer Confidence was announced today and came in higher than expected… about 10% higher.
“i love that the comments are still 90% negative sentiment, that means we’re more likely going the opposite direction.”
right, similarly incomes are increasing and economy is booming despite the negative sentiment.
wasder
sure you can afford your payments however you could enjoy the house and massive tax advantages with lower payments that could let you save more for your retirement as there will be no appreciation and SS will be peanuts.
not all markets move together all the time.
i love that the comments are still 90% negative sentiment, that means we’re more likely going the opposite direction.
agree w grandpa and m4l that fed (taxpayers) are financing massive bank profits with free money. it’s ugly but it was necessary. now how do we unwind?
c/s is defined as single-family homes and explicitly excludes coops, condos, new construction, multi-family. see http://bk.ly/rYY p6
not realtor spin, folks. read.
they might as well have defined single-family as anything outside of new york city!
“Given that being underwater is not a bad move. The only good move right now is renting while finding out where the pension cuts, police force and school cuts, more unemployment, and higher taxes is bringing us.”
Underwater is something I guarantee you I am not. I guess its possible that I could end up underwater if prices fall as much as you are forecasting, but I will still be making my quite reasonable monthly payments and enjoying the experience of living in my own home (as well as the massive tax advantages).
“Perhaps buying in fall 08 wasn’t a bad move after all.”
Given that being underwater is not a bad move. The only good move right now is renting while finding out where the pension cuts, police force and school cuts, more unemployment, and higher taxes is bringing us.
“Not representative of brownstone Brooklyn”
Elite Brooklyn nabes are now tied to Wall Street performance. As long as banksters can pay themselves bonuses from money printed by the Federal Reserve, Brownstone Brooklyn will continue to be strong.
As for the rest of the market, still weak. New York suburbs won’t experience a crash, but perhaps a long slow slide. Long term this could impact elite Brooklyn.
All realtors find case-shiller misleading for their area. It’s called denial.
No it’s not an emergency–the correction will take a few years. But there is one direction and this is down.
Here are some factors coming before the end of this year: cutbacks to public sector, cutbacks to private income, higher taxes, and FHA killing 700K jumbo loans.
If this ends up half off we will all be lucky.