Case-Shiller Housing Index - BEST PERFORMANCE SINCE AUGUST 2007

Doesn't include Manhattan.

"what the psychological effect of bottoming prices in other key markets will have here"
none. in the long run it's all fundamentals, current demographic still doesn't support prevailing prices... those who bought over last 3 months will be sorely disappointed (from the financial not sentimental standpoint)

What's more interesting than the national SPCS index is the New York metropolitan area index, here it is, along with the month on month percentage decline -
Dec 2006 213.79 -0.21004%
Jan 2007 212.78 -0.47243%
Feb 2007 212.52 -0.12219%
Mar 2007 212.40 -0.05647%
Apr 2007 211.62 -0.36723%
May 2007 210.51 -0.52453%
Jun 2007 209.49 -0.48454%
Jul 2007 208.37 -0.53463%
Aug 2007 207.17 -0.57590%
Sep 2007 206.38 -0.38133%
Oct 2007 205.53 -0.41186%
Nov 2007 204.36 -0.56926%
Dec 2007 202.08 -1.11568%
Jan 2008 200.44 -0.81156%
Feb 2008 198.29 -1.07264%
Mar 2008 196.51 -0.89768%
Apr 2008 194.73 -0.90581%
May 2008 194.22 -0.26190%
Jun 2008 194.74 0.26774%
Jul 2008 193.70 -0.53405%
Aug 2008 193.48 -0.11358%
Sep 2008 191.66 -0.94067%
Oct 2008 189.68 -1.03308%
Nov 2008 186.55 -1.65015%
Dec 2008 183.54 -1.61351%
Jan 2009 180.92 -1.42748%
Feb 2009 177.81 -1.71899%
Mar 2009 173.22 -2.58141%
Apr 2009 170.33 -1.66840%
Note increasing rate of decline this year. Also note that this series, and home prices generally, are strongest in the spring, arguably because maintenance and capital improvements are deferred during the winter and undertaken in spring.

Spin, know you just bought, but...

http://www.bloomberg.com/apps/news?pid=20601039&sid=aVVtkVUvfRXE

Bubbles don't burst without pain, and in this case a huge amount of it. They just don't. It may be delayed, it may be paid for by we the people and thus affect some at different rates, but a bubble is a bubble. And this one will pop, despite the mighty efforts of our government and Fed to avoid the issue.

good point brodie, the New York metropolitan area is important for manhattan prices. many people from manhattan disregard them cause they wouldn't live in brooklyn, big mistake imho.

visually you see that foreclosures are approaching the island. it'll take a while though thanks in part to a more lengthy FC process than in other parts of the country. but when it hits, that's when prices really go down. all you need for a FC downward spiral is 5% of homeowners being highly leveraged. you have that across the board imho.

"The most plausible explanations of the bubble require levels of irrationality that are difficult for economists either to accept or explai"

It still amazes me that a tenet of so many economic theories is that people behavior "rationally." Economics is a glorified attempt to bring mathematics to human psychology. Value is in the irrational perception of the beholder. Until economists stop trying to force logic on populations of organic creatures and start actually looking for the laws under which they behave, they will continue to have the abysmal predictive value of their field.

"Doesn't include Manhattan"

Until CS says something negative and then steve and others will link it to Manhattan.

Spin, STOP TYPING, work faster on that reno so you can flip that puppy pronto and catch the wave of sky rocketing pricing. Just f**k**g with you. How is the project going?

spinniker... it thought it was a sailing reference and not spinning the RE news... oh well.

papavaf, now you're making me salivate.... woof woof

Can't blame me for trying to offer some contrast to the $hit and broken glass crew.

Funny Falco, if you can believe it my broker said exactly the same thing. I did one of those Smothers Brothers double takes and pretended I didn't hear it.

Ah w67thstreet - maybe its turning into a little of both!