The post below relates in some detail to one national home price index being up slightly.
What are the implications?
How about New York?
There's light at the end of the tunnel- but we cant see it yet here. Even elsewhere, it doesnt mean real increases have arrived.
The housing bubble began deflating in third quarter of 2006. It finally burst with the beginnings of the credit crunch. The suburban markets in our area were closer to the national trend than was the city itself, particularly Manhattan.
In New York, the market peak was a year later; prices only began declining in early 2008, and even then only in fringe areas. The real collapse as we know came after Lehman Brothers in September 08. The high priced condo markets of Manhattan, (and limited parts of Brooklyn & Queens) trailed the nation into the housing downturn by at least 18 months.
Although perfect symmetry is certainly not a requisite, i do expect the city to trail the nation out of the downturn, since it was so late to the hangover.
Technical notes:
The Case Shiller index does not cover condos nor does it break out cities separately from their metro area. (Although i believe there is a newer condo index).
What are the implications?
How about New York?
There's light at the end of the tunnel- but we cant see it yet here. Even elsewhere, it doesnt mean real increases have arrived.
The housing bubble began deflating in third quarter of 2006. It finally burst with the beginnings of the credit crunch. The suburban markets in our area were closer to the national trend than was the city itself, particularly Manhattan.
In New York, the market peak was a year later; prices only began declining in early 2008, and even then only in fringe areas. The real collapse as we know came after Lehman Brothers in September 08. The high priced condo markets of Manhattan, (and limited parts of Brooklyn & Queens) trailed the nation into the housing downturn by at least 18 months.
Although perfect symmetry is certainly not a requisite, i do expect the city to trail the nation out of the downturn, since it was so late to the hangover.
Technical notes:
The Case Shiller index does not cover condos nor does it break out cities separately from their metro area. (Although i believe there is a newer condo index).
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