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.
The index is of metropolitan areas, so to say these are the “NYC” numbers is a bit misleading.
Dive Dive Dive Emergency. Run for the mountains!!!!
All I can say is I am glad I have a reasonable fixed rate mortgage and have monthly payments that are manageable and unchanging. All this up and down gives me whiplash. Perhaps buying in fall 08 wasn’t a bad move after all.
BHO, banks make so much freaking $$$ that even a big haircut is still big $$$ – especially relative to BK prices
Don’t Rule Out a Double Dip Recession
http://tinyurl.com/2g2oeyd
***Bid half off peak comps***
Bank “regs”, m4l, baaaaaaaaank “regs”. Quotes because it’s largely bullshit but it’ll hurt for a while (the scrutiny). It’ll take some time for The Street to get through the new loopholes. Years, maybe next decade after this Greater Depression. Maybe longer.
***Bid half off peak comps***
“cities to be hit hardest early on, like San Diego and San Francisco…” – Dan Greenhaus
-42% and -46% “lows”, respectively.
“…continued to experience strong recoveries” – Dan Greenhaus
Can’t double dip without a bounce.
Damn! He didn’t say just “risk”, “real risk” or “very real risk”. He said “very very real risk” but then proceeds to deny a double dip. That’s priceless!
“Not representative of brownstone Brooklyn.” – C[lueless]IBS
Then why up +200%, trough to peak, and down -20% from peak, like Brownstone Brooklyn TM? Oh! It IS representative! Most of us commute to Manhattan to work. The whole tristate is one market that competes for our housing budgets/investments. The suburbs cost the same after factoring in taxes, cars and mass transit (i.e. UES vs Greenich). Coops, condos, multifams are all suffering the same rental and income fundamentals. The antique value of brownstones was already intrinsic (factored in) before the boom/bust. The peak was all excess fat. The market is going “South Beach”.
Remember vectors from physics, antidope? It’s not just magnitude you need to look at.
New Yaaaaaaaaawk…double dip is what nightmares are maaaaaaade ooooof…New Yaaaaaawk New Yaaaaaawk…
***Bid half off peak comps***
as long as banks can make mega profits off the free fed $$$, bankers will continue to splash their cash around to keep prices lofty. premo ppties in premo hoods will do well and everything else is a crapshoot
not representative of vast majority of new york city.
the new york index is effectively made up of purely suburban nabes. and i dare say -2% for all of new york city suburbs is same as flat for the year.
similar measure for nyc would be higher.