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"Home prices declined 10.2 percent in the New York metropolitan area, which includes North Jersey, from February 2008 to February 2009, the Standard & Poor's Case-Shiller index said this morning."
NorthJersey.com: Home prices in N.Y. region fell 10.2 percent in February (http://www.northjersey.com/business/Home_prices_in_NY_region_fell_102_percent_in_Febru ary.html - broken link)
"It was the thinnest of silver linings for America’s housing market: The stark decline in home prices leveled off a bit in February, according to data released Tuesday.
Housing prices are still falling across the United States, but for at least a month, the downward trend did not pick up speed, according to the Standard & Poor’s Case-Shiller Home Price Index. In February, the price of single family homes in 20 major metropolitan areas fell 18.6 percent from the year earlier, compared with a record drop of 19 percent in January.
...
No matter whether housing prices are in a free fall or a controlled one, economists said they are still heading down, and will probably continue to fall as Americans worried about rising unemployment and the broader recession put off big financial decisions, like buying a new home.
'It is unlikely that we are anywhere near a bottom in nationwide home prices,' Joshua Shapiro, chief United States economist at MFR, wrote in a note."
I know that the health of the overall economy is inextricably linked to the health of the housing market, so I cheer the good news because I want our country to be strong again.
the super-bears are comprised of two groups: renters who wish they could own a home; and the general malcontents who just love any variety of bad news, but since housing is the topic du jour, they've co-opted it as their own. (same people who complain about property taxes, traffic, tolls, etc., but do nothing about it)
which group are you in ?
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