This Old House
After improving in the first half of last year, the Case-Shiller Home Price Index began to plummet in the middle of 2011, and it has reached a new low with the release of the November numbers yesterday. As one of the stronger measures of the U.S. housing market, the index is closely watched, and any negative movement is seen as a problem for both housing and the economy. Now, analysts are predicting national housing prices will not recover at least until the spring.
Does this have any bearing on New York, considering the Case-Shiller only tracks single-family homes? In short, yes. “Obviously, housing weighs on the larger economy, so that has an impact on us,” said Harold Shultz, an analyst at the Citizens Housing and Planning Council, which closely follows the Case-Shiller from a city perspective.
The typical picture of the housing crisis in America is miles of empty tract homes and half-built lots, years away from ever being filled. In New York the story is a little different, and The Times weekend Real Estate section paints a both bleaker and better picture in a rather alarmist article about the coming apartment Read More
This Old House
The Observer hopes everyone is having a happy holidays, because the new year continues to look bleak for the American homeowner, and really the rest of the country as a result.
Foreclosures are set to spike and predictions abound of plummeting home prices. Those predictions are becoming a reality as the S&P/Case-Shiller home price index Read More
We sure do miss those homebuyer tax credits.
According to a report out from Zillow today, homes are on track to lose $1.7 trillion in value this year, 63 percent more than the $1 trillion in value they sacrificed in 2009. Much of that fall has come in the latter half of the Read More
New research reveals that the state’s housing market is still suffering from a serious hangover after the first-time home buyer credit expired in April. But, cheer up, at least you’re not in Albany.
The good news is that statewide home sales were up slightly in August, by about 3 percent, according to a Read More