down go home prices! now hit the nyc metro region already.
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5 comments:
I need to buy a house now!
a massive market correction of biblical proportions for the new york city metro area real estate market is due. like right now.
*taps foot impatiently*
There won't be any sort of "massive market correction" this time around. Manhattan is 2/3 owned by the rich, churches, and schools anyway - three groups pretty insensitive to market forces. Proximity to Manhattan, barring a new Great Depression and a loss of jobs by 20% of the people who work there, is still desirable and therefore worth money.
Maybe houses in Putnam and semi-rural tri-state Jersey will get cheaper. But not in the boroughs or just across the river.
according to bloomberg:
"Prices may start to drop in the New York City metropolitan area beginning in the fourth quarter of this year and continue falling 1 percent to 7 percent per quarter through 2008, according to estimates from Zandi."
even the affluent need to be approved for mortgages.
"In Montclair, New Jersey, the median price of a home sold in August fell 7.3 percent from a year earlier to $677,340, according to Prudential Zinn Associates Realtors."
The good news: Montclair is just a few miles west!
The bad news: $677,340 is still a lot of fuckin' money.
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