it will be 2.25 yrs before smart money starts to buy ...before confidence starts to return to the mkt every mkt will be hurt ..discounts of 60 percent in some areas inventorys just hit an all time high and no one can borrow to buy anything now prices going straight down..... desperate sellers everywhere real estate ads at an all time low new homes at a 20 yr low nyc down foreclosures in grenwitch hamptons down 12 percent empty subdivisions in vegas number 600 plus and miami is really really bad their have been some recent suicides that did not make it to the paper ...all real estate related
We are still no way near a bottom in real estate. Check out past real estate cycles such as the early 1990s. From the top, it normally takes around 5 years to reach the bottom. If the top was 2005/06, that makes the bottom 2010-2011. Also, once the bottom is in, the market does not just boom again. Instead it starts slowly creeping higher. The best advice I can give is to simply wait until your local house price index gives a positive year on year price growth reading. This will show that the trend has reversed. Unlike stocks, real estate is not very "noisy" and price signals are usually accurate - once momentum starts it keeps going, once it reverses then the top or bottom has usually been made.
New york real estate is down http://money.cnn.com/2008/04/29/real_estate/housing_price_fall_deepens/index.htm?ref=patrick.net Scroll down on the right
What you are seeing now has never happened in the history of real estate. The real estate bubble is the largest bubble ever
I agree on both counts; NYC RE has held up like a rock but, given the level of Wall St. layoffs and some higher inventory levels of late, it is likely to have some declines in coming months. My guess is when we look bck at this quarter (2nd quarter '08) a few months from now we will realize the market has started to decline. Tommy
Now is a good time to short sell NYC real estate. It's as much a gimme trade as shorting home builders in 2005.
that info you have is metro NYC, everyone know Long island, Jersey ECT are down. the question is when manhattan will be hit down. everyone says soon, but seems never to happen, seems illogical
people lost their jobs.. so they can't make mortgage payments so they sell i don't care if interest rates are 1% ,,,can't get a 10%downpayment to buy the house or apartment if you have low income or no job.
Feds are engineering rampant inflation for this very reason. Inflate everything so the dollar value of the home stays up - and the banks with foreclosed homes can recoup their losses. The real value of the home has always been the same. People who bought at the high will be bailed out with obtaining pretty much what they paid for the home. Just the dollars they receive will be worth a lot less. Save the banks at all costs!