Time Magazine: New York Metro Home Prices to Fall Another 40% (real estate, credit)
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What's it feel like to survive one hurricane only to be told that another is on the way? New York City–area homeowners are in just that spot. After the region suffered the brunt of financial-industry cutbacks, the next big wave of woe could be a nor'easter of collapsing home prices. That's the forecast of an extensive new report on residential real estate by Deutsche Bank, which calls for home prices in metropolitan New York City (which includes Westchester, northern New Jersey and other nearby areas) to fall 40.6% from the prices that prevailed in March.
Ironically, that dire forecast is wrapped in an improving forecast for nationwide home prices. Back in March, Deutsche Bank analysts had expected national home prices to decline 16.5%; now they foresee just a 14% decline. That mildly upbeat news does not hold true for the New York City area, however, which is expected to see a 40.6% drop. While that is also a slight improvement from the March forecast, it is dire nonetheless ...
Indeed, in some famously overpriced regions that have since corrected, such as Los Angeles and the Riverside–San Bernardino areas of California, affordability is as good now as it has been in decades. That's a big reason that many California areas may see prices fall only an additional 10% or so, despite the state's deepening financial crisis.
New York City's big problem is not so much the financial-industry meltdown as it is an intense lack of affordability ... Today among the 10 biggest metropolitan areas, New York ranks as the least affordable.
we've already (in another thread) discredited what Douche bank has to say on the matter...
there is a faction of people out there that want to "talk down" the housing market, so that they can buy in at "the bottom" since they missed the true bottom. same thing that is going on with the DJIA.
if you absolutely do not have to sell, don't get suckered into doing so now, because you'll only be locking in your "loss".
if you absolutely do not have to sell, don't get suckered into doing so now, because you'll only be locking in your "loss".
Why would you suggest people not sell right now when the bottom was hit in Nov 2008 by your own words? Real Estate values are going up or at least staying flat based on the bottom already being hit no?
there is a faction of people out there that want to "talk down" the housing market, so that they can buy in at "the bottom" since they missed the true bottom. same thing that is going on with the DJIA.
LOL
"Missed the true bottom" ... darn what happened, did I blink and miss it?
The fact that you believe the bottom in NJ real estate values has already been reached (November 2008, based on what you've posted before) is insanely funny. I wonder what tune you'll be singing when the autumn/winter rolls around ...
we've already (in another thread) discredited what Douche bank has to say on the matter...
there is a faction of people out there that want to "talk down" the housing market, so that they can buy in at "the bottom" since they missed the true bottom. same thing that is going on with the DJIA.
if you absolutely do not have to sell, don't get suckered into doing so now, because you'll only be locking in your "loss".
Who discredited what?
Who is talking down housing? It's an awful market right now, for good reason. Well, it's not truly awful, it's just that prices have become more reasonable. Prices were artificially inflated before.
I wonder what tune you'll be singing when the autumn/winter rolls around ...
I hate to be pessimistic, but am left wondering the same thing. Let us hope for the best. I sold my NJ home during the worst of it all. We left on November 1, 2008 and our home sold (closed, finished, not our problem anymore) on the last day of this past April. We made money, but I'm not sure that I could survive another experience like that one. It truly felt like financial ruin was just around the corner each and every day we had to carry that home.
Good luck to everyone out there that need to sell/relocate.
I hate to be pessimistic, but am left wondering the same thing. Let us hope for the best. I sold my NJ home during the worst of it all. We left on November 1, 2008 and our home sold (closed, finished, not our problem anymore) on the last day of this past April. We made money, but I'm not sure that I could survive another experience like that one. It truly felt like financial ruin was just around the corner each and every day we had to carry that home.
Good luck to everyone out there that need to sell/relocate.
-Eric
I just moved from Tarrant County to NJ.
Different world down there that is for sure. Hope you are enjoying it.
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