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The One Surprising City Where Home Prices Dropped In March
If you said San Francisco, you are very wrong (as recently shown in "Bizarro Housing Bubble Spills Over Into "Overbid Madness"). No, according to the latest Case Shiller data, the one city (out of 20) where home prices dropped in March, somewhat inexplicably considering the ridiculous flipping of houses taking place in the ultra-luxury segment, was New York.
From Case Shiller:
New York was the only city to decline in the month of March. San Francisco posted the biggest gain of 2.4% with Seattle following at +1.9%. All 20 cities improved in March as compared to their February returns. Cleveland improved the most; it went from a decline of 1.6% in February to a gain of 1.5% in March. Cleveland and San Francisco posted their biggest returns since last June.
All 20 cities continued to record positive year-over-year returns. Thirteen of the 20 MSAs showed lower annual increases in March. Tampa showed the most deceleration – the city posted +13.4% year-over-year in February and +10.7% in March. Las Vegas and San Francisco, the only two cities to post annual gains of over 20%, also saw their rates decelerate; they gained 21.2% and 20.9%, respectively. The only six cities to show higher year-over-year returns in March were Chicago, Cleveland, Detroit, Miami, Minneapolis and New York.
So does this mean the oligarch bid is fading? Somehow we doubt it.
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Tis but a scratch, just a flesh wound.
This is clearly weather-related. No seriously, it might be...
So I guess all the rich folks already have enough homes in New York. I suppose you'll just have to wait for their rich kids to grow up. Maybe they'll want to buy a place of their own some day.
As the wealth of the top 0.01% flows to the top 0.0001%, that might change something in the prices.
There wouldn't happen to be one or two "previously rich" retailers who are interested in down-sizing now, would there? You know, desire for a "simpler life", the big places are "too much trouble to look after, especially in our retirement years" an' all?
Home price drop in NYC in March? This is easily explained. POTUS in March said he was worried about nuke detonation in Manhattan:
http://www.nydailynews.com/news/politics/obama-warns-russia-ukraine-adva...
Now, if the freakin' leader of the country comes out with that, would you want to plunk down say $2MM for an asset that, upon destruction and/or irradiation of the city would become worthless or at least fully illiquid? No, you would not.
I remember well that prior to 9/11 public officials - Clinton, Albright, Wm. Cohen - publicly warned that it was not a matter of if but when terrorists would strike the US. They make these statements to warn but also to cover their asses. And now Obama is doing the same.
Very..."Bullish" the realtors say..."Better buy now or you'll be locked out of the market."
Gulp.
The DeCommie'o affect!
If you can buy it there, you can buy it a-n-y-w-h-e-r-e, it's up to you New York, New York.
DeBlasio economics.
New Mayor taking effect.
I just heard it over the radio. 6 people shot and 2 stabbed since 10pm last night.
It's DeBlasio's time here in NYC.
I just don't understand this. There's laws there to prevent that? Didn't the criminals know this?? It just doesn't make sense...
Maybe we need an information campaign, like T-shirts that say, "I don't have a gun and neither should you. You'd better give it to the police!"
Maybe the criminals can't read. We'd better tell them too.
I remember the Dinkins era, but it seems most voters in New York City do not. They'll find out soon enough why this most Democrat of cities regularly fails to elect Democrat mayors.
Even the non-democrats they elect are really just democrats. Bloomberg is about as liberal D as they come regardless of what party affiliation is next to his name. New Yorkers want D's, they just don't want to feel dirty by voting for one so guys like Bloomberg fill that role nicely.
"House prices NEVER drop...." my realtor said.
It's Unpossible !
Well, if I were forced to live in any of those cities, San Francisco would be my first choice too.
Housing is stagnant all over California. Some areas with limited luxury property are getting high sales which skews the data upwards but all the other areas see lack of activity unless the price is dropped. Most people will not drop the price at the beginning of summer so wait and see.
Japan purchase of real-estate in the 80's redux?
Reeeeeel Estate Reeeeeeel Estate;
My drinking next door neighbor screeched at the cookouts over the weekend,
let me list your property dahling, i can move it for you.
no one listened to her, and we got her out quickly in the bag,
Reeeeel Estate, wait till Chicago puts on that 1% income tax,
and you ll see the Flip of a lifetime as all the rats jump for the Burbs....
The more government interferes the worse things get.
What the fuck is this country coming to if one can't make a good honest christian living flipping rat-infested brownstone slums onto unsuspecting idiots whose god-given right it is to qualify for credit if they can both breathe and lie? It's the fuckin' american way, dammit!
Nothing more than pretty green graphs to lull the sheople to sleep with dreams of housing prices that rise to infinity. Print baby print.
Clevelanders must be happy that the Browns drafted Johnny Football...
Actually SFs median home price have been falling 25k per month since January.
The party is over hangover is on!
When San Francisco and Seattle roll over, it's over.
A wave is not a river. There is no industry and no middle-class. We are getting the runners out of China and when that runs dry down we go and people will be stumbling stunned through the SOMA streets !!!
Finance jobs are disappearing like chocolate bars at a PMS convention for women.
It could be that heavily regulated New York realtors are not boosting the actual selling prices of properties in reports they file, to avoid getting caught inflating sell prices and then getting hit with heavy government civil penalties for filing false reports. Real estate sellers and salespeople can incentivize home buyers by making it seem that housing prices are going up, buy now before the price goes up even higher.