Remember this January, when Mike “Mr. President” Bloomberg put together a slide presentation for the city’s 2008 budget report? Recall what Slide 22 was called? “Home Prices and Sales Volume in the City Are Expected to Decline in CY 2007 and CY 2008,” Mr. Bloomberg said (presumably in a dour monotone). But lest city brokers collectively scratch out their own eyes, he added: “But Are Forecast to Begin to Recover in CY 2009.”
The graph, citing stats from the Department of Finance, predicted that both number of sales and the average price of city homes would tumble this year after years of insane growth. And yet the latest numbers (see here) show that those stats have only continued to grow higher so far this year.
So maybe we’re due–overdue–for a tumble this autumn. After all, when Mayor Bloomberg and mega-broker Dolly Lenz both seem skeptical, things look scary.
Good luck, New York.