S&P Has the Audacity to Put Detroit, Phoenix, and NYC RE Markets on the SAME List!
Started by The_President
about 17 years ago
Posts: 2412
Member since: Jun 2009
Discussion about
5 Housing Markets That Have Further to Fall 1) Detroit Housing prices fell 4.9% in Detroit in March, according to the latest reading of the Case-Shiller Index. That marked the city’s largest monthly decline since January 1991, when S&P’s backlogged data begin. Houses in Detroit are currently selling at 1995 prices – and with prices still falling so fast, it’s hard to say when the city will... [more]
5 Housing Markets That Have Further to Fall
1) Detroit
Housing prices fell 4.9% in Detroit in March, according to the latest reading of the Case-Shiller Index. That marked the city’s largest monthly decline since January 1991, when S&P’s backlogged data begin. Houses in Detroit are currently selling at 1995 prices – and with prices still falling so fast, it’s hard to say when the city will rejoin the 21st century.
“Detroit is Detroit because of the auto industry,” says Maitland. The whole Midwest is hurting from car companies’ woes, but Detroit is hurting the most.
2) New York City
Anyone who was hoping to see Wall Street suffer from the financial crisis can relax. New York may have avoided the nationwide implosion in home prices early on, but the city saw its largest-ever monthly decline in March, at 2.5%.
“New York may not be out of the woods,” Maitland says. “Because of what’s going on with the financial markets and the layoffs on Wall Street, New York may be one of the last places to turn around.”
3) Phoenix
Home prices in Phoenix have fallen 53% from their peak in June 2006, and the 2009 data suggest they’ve got farther to go. In March, prices in Phoenix fell 4.5%.
The Southwest has been one of the hardest-hit regions in the mortgage crisis. The region still faces a glut of recently-built homes.
“In Phoenix, you had some of the worst excesses,” in terms of overbuilding, Moody says. “The surplus of houses is so great that it could take two or three years” for prices to turn around. However, a steady influx of new residents into the region suggests the long-term prospects for the market are sound, he says.
http://www.smartmoney.com/Personal-Finance/Real-Estate/5-Housing-Markets-That-Having-Further-to-Fall/?page=2[less]
Response by The_President
about 17 years ago
Posts: 2412
Member since: Jun 2009
first off, this article uses S&P as it's source and we all know that they have no credibility left. And second, waht the hell are NYC, Detroit, and Phoenix all doing on the same list? In no way shape or form is the NYC RE market as bad as the ones in Detroit and Phoenix. Thoughts?
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Response by NWT
about 17 years ago
Posts: 6643
Member since: Sep 2008
Case-Shiller is just predicting those five cities have further to fall. That's all putting them on the same list meant. Case-Shiller didn't say NYC was as bad as Detroit and Phoenix. Nor did they say NYC ever would be be. Just further to fall.
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
> In no way shape or form is the NYC RE market as bad as the ones in Detroit and Phoenix.
Yes, its worse.
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Response by The_President
about 17 years ago
Posts: 2412
Member since: Jun 2009
why don't you just shut up and stop making bone headed comments liek that? In Detroit, houses are being sold for $1. Please find me a $1 apt. in Manhattan if our market is worse.
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Response by The_President
about 17 years ago
Posts: 2412
Member since: Jun 2009
I'm still waiting
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Response by Riversider
about 17 years ago
Posts: 13573
Member since: Apr 2009
first off, this article uses S&P as it's source and we all know that they have no credibility left
Actually the article is referencing Case Schiller data which is clearly the best source out there, unless you need to go way back in time. In that case you would use OFHEO data.
Article scores points for throwing water on claims made by national association of realtors which is really a lobbyist/promoter of real estate brokers. S&P analysts are stating valid reasons.
As far as S&P credibility, with regards to rating asset backed securities, I would agree, with regards to the comments in this article, I don't see them as lacking credibility. S&P is a large company that does many things.
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Response by The_President
about 17 years ago
Posts: 2412
Member since: Jun 2009
where are you nyc10022? Why do you keep posting dumb comments and then run off?
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Response by nyc10022
about 17 years ago
Posts: 9868
Member since: Aug 2008
"why don't you just shut up and stop making bone headed comments liek that? In Detroit, houses are being sold for $1. Please find me a $1 apt. in Manhattan if our market is worse. "
Alpine, you can't just wait, you have to actually go to class. In 3rd grade, they might teach you what the word "decline" means.
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Response by The_President
about 17 years ago
Posts: 2412
Member since: Jun 2009
come on, post a $1 apt. Mr. "Manhattan is Worse than Detroit."
first off, this article uses S&P as it's source and we all know that they have no credibility left. And second, waht the hell are NYC, Detroit, and Phoenix all doing on the same list? In no way shape or form is the NYC RE market as bad as the ones in Detroit and Phoenix. Thoughts?
Case-Shiller is just predicting those five cities have further to fall. That's all putting them on the same list meant. Case-Shiller didn't say NYC was as bad as Detroit and Phoenix. Nor did they say NYC ever would be be. Just further to fall.
> In no way shape or form is the NYC RE market as bad as the ones in Detroit and Phoenix.
Yes, its worse.
why don't you just shut up and stop making bone headed comments liek that? In Detroit, houses are being sold for $1. Please find me a $1 apt. in Manhattan if our market is worse.
I'm still waiting
first off, this article uses S&P as it's source and we all know that they have no credibility left
Actually the article is referencing Case Schiller data which is clearly the best source out there, unless you need to go way back in time. In that case you would use OFHEO data.
Article scores points for throwing water on claims made by national association of realtors which is really a lobbyist/promoter of real estate brokers. S&P analysts are stating valid reasons.
As far as S&P credibility, with regards to rating asset backed securities, I would agree, with regards to the comments in this article, I don't see them as lacking credibility. S&P is a large company that does many things.
where are you nyc10022? Why do you keep posting dumb comments and then run off?
"why don't you just shut up and stop making bone headed comments liek that? In Detroit, houses are being sold for $1. Please find me a $1 apt. in Manhattan if our market is worse. "
Alpine, you can't just wait, you have to actually go to class. In 3rd grade, they might teach you what the word "decline" means.
come on, post a $1 apt. Mr. "Manhattan is Worse than Detroit."
Detroit, houses are being sold for $1 must be talking about this
https://www.carletonsheets.com/success-stories-lp-video.php?mb=ES01BD&kw=real%20estate%20tax%20liens
Alpine, post a $60 trillion manhattan apartment, mr "manhattan is not down 20%".
Come on, I'm waiting.
(yes, as illogical as your request)
and I'm still waiting for you to explain how 100 minutes is less than 2 hours.
Waiting, waiting...
sorry, correction
100 minutes is "over 2 hours"
- alpine
as I said before, when I went out there, the trip took me over 2 hours.
> as I said before, when I went out there, the trip took me over 2 hours.
Idiot, you can't include the time you tried to board the hot dog cart and it didn't move.