U.S. Market as a Whole Pretty Ugly
We all know all real estate is local–and that New York City is its own unique market–but it’s still interesting, and probably wise, to keep one eye on what’s going on nationally. A particularly good snapshot of this is available now on the economics blog The Big Picture. In addition to this chart which shows…
We all know all real estate is local–and that New York City is its own unique market–but it’s still interesting, and probably wise, to keep one eye on what’s going on nationally. A particularly good snapshot of this is available now on the economics blog The Big Picture. In addition to this chart which shows the unprecedented number of new homes hitting the market, the piece from a couple of weeks ago discusses the rapid decelleration of price gains, the drop in existing single-family home sales and downward trend of mortgage applications. Overall, a pretty ugly picture.
Recent Housing Data [The Big Picture]
Price drops are a good thing. Regular folks can no longer afford homes in many parts of the country.
Of course New York is an island and Wall Street bonuses determine prices blah blah blah, but we need some price drops in NYC to bring some sanity back to the market. A correction is good economics.
I think this chart is more indicative of new housing in this country in general.
During the last housing drop, according to this chart, new housing was flat to lower so I’m not sure there is a connection.
Now, 6 months prices may be lower. It’s all about the rates, the jobs & the easy loans. The net result of where they go, is where housing will go.
I don’t know about ugly. To me it seems more like looking good. Price increases are slowing which is a good thing. Would be even nicer to some if they decreased a bit. No more panic buying because afraid that 6 months prices will be higher. Inventory up – don’t have to buy just anything available. Choice is a good thing.