Local Housing Market Headed for the Trash Can?
Real estate experts are convinced that the New York region’s housing market is about to undergo a serious correction, according to an article in yesterday’s Times. Analysts expect the coming bust to be significantly worse than it was in the early ‘90s, particularly in New York’s suburban markets. Nevertheless, Manhattan—and by proxy, pricey Brooklyn—has so…
Real estate experts are convinced that the New York region’s housing market is about to undergo a serious correction, according to an article in yesterday’s Times. Analysts expect the coming bust to be significantly worse than it was in the early ‘90s, particularly in New York’s suburban markets. Nevertheless, Manhattan—and by proxy, pricey Brooklyn—has so far mostly weathered the national housing meltdown, and the decline in values here isn’t expected to be as bad as in our outlying suburbs. During the year that ended in November, prices in the NY metro area fell 4.8 percent, according to Standard & Poor’s/Case-Shiller Home Price Indices—a drop that pales in comparison to Sun Belt cities, many of which saw double-digit declines. Still, economists predict that house prices in the region will drop by at least 15 percent in the current correction. Ouch.
Home Prices Start to Dip, Recalling ’90s Slump [NY Times]
Right – 1.40, lets guess your mortgage is 1000. So you paid 12,000 this year and you’re getting 10,000 of that back.
Methinks your tax rebate hasn’t got that much to do with your mortgage interest deduction.
Unless you’re in the 80% tax bracket of course.
1.12 – great! you can put it towardss paying your property taxes and homeowners insurance !!!
1:37:
I own a studio in the North Slope…my mortgage payment AND maintenance come to roughly 1500 and I’m getting back 10 grand.
You don’t think that’s a pretty good deal for housing in NYC??? Especially considering the fact that I love my neighborhood, apartment and building?
I’d love to know how you are making out better than that renting…
whats your plan at tapping your millions 1.28, sell your house and live in a box on the proceeds?
you mean you’re getting taxes back on something you wouldn’t have been paying in the first place if you didn’t have a mortgage? Whoopee.
I bet you none of the Forbes Richest People are renters.
1:24 – hmmm Donald Trump is now wealthier than he ever was based on gains in real estate. He is a billionaire.
I bet all those who bought in the 80’s are now millionaires many times over.
Have you ever purchased real estate? If so how much money have you made? It must have been massive amounts to call us RE miilionaires Dumb.
What is your plan to “Rent your way to Financial Independence?”
Sneaky Pete, those Gram Parsons royalities must be good….
“If you can afford to get into the market and sit on it for 5-10 years you will do fine.”
With all do respect, that is DUMB DUMB DUMB…STUPID STUPID STUPID. That’s what people thought in the late 80’s. Many, inluding Donald Trump, got whacked! Like now, they bought high and sold low. Do you realize what top-of-the-market means?