Housing prices post first quarterly gain since 2006

Similar thread on this yesterday. Predominant StreetEasy opinion is that positive indicators elsewhere in the country have little bearing on the pending doom still to come to NYC. The foreclosure tsunami is about to cross the East River and pull the rug out from under us. The bears are firmly entrenched but I believe a positive national trend is indeed positive for NYC.

i'm assuming these are median home prices? if so it could be partly because foreclosures are making their way up the price/loan-type ladder. more expensive homes may be entering the foreclosure resale markets.

it doesn't seem to me that rising prices in the midwest (ohio, no less) would have much of an impact here.

see

Hi AR - welcome back. Been lonely without you.

Looking good.
So the 'stabilization' of this economy that started 3 months back as i have pointed out are showing signs of improving the housing market.

"it doesn't seem to me that rising prices in the midwest (ohio, no less) would have much of an impact here."

If falling prices have a negative impacted on Wall Street, why would it not be the case when things are doing better? Oh, that's right..because you say so.

Looks good. So by 2012 we'll start to see NYC real estate begin to move upward after it hits bottom sometime in 2010.

So, after 2-3 years of "ignore the national number, Manhattan is different"... suddenly Manhattan is not different again? The bulls are now admitting the markets are linked? WOW.

More importantly, we're about 2 years behind the national number. So, at best, only two more years of declines. Woo hoo!

"If falling prices have a negative impacted on Wall Street, why would it not be the case when things are doing better?"

Ah yes, before the crash everyone said that falling prices in Los Angeles, Las Vegas, and Miami had no bearing on the Manhattan market. Notwithstanding that what went on in Manhattan caused the bubble elsewhere in the country.

But now that things are getting BETTER there, OF COURSE it will have a positive effect on Manhattan prices!

What cr*p.

Manhattan prices will stabilize once owners' carrying costs = market rents. Market rents are falling much faster than housing prices, and there's still a 50% discrepancy between the two. So when prices fall 50% from where they are now, and IF rents hold steady, we'll be there.

That's several years away, as can be seen by the growing inventory not only of property to buy, but of property to rent.

Banks have not finished retrenching yet by far.

Regulation is back in fashion.

Unemployment is still rising.

We are 2 years behind the curve.

spin, still in Europe but taking a couple of days off from mad touring. doing half days and more time at the pool.

i do think that events that occur elsewhere have some affect in NYC. obviously to the extent that the health of the TBTF banks are impacted, better news is relevant to our employment situation. i don't think anyone, however, would argue that Ohio has suddenly seen the first blush of urban renewal. and yet the prices rose sharply there, which would lead me to wonder what these numbers reflect. and it could definitely reflect higher quality homes entering the foreclosure pool, as this mess spreads out of subprime to other mortgage classes.

nyc10022 is also correct. manhattan generally lags the national real estate market, fairly significantly.

"Banks have not finished retrenching yet by far.
Regulation is back in fashion.
Unemployment is still rising."

If that's the case, why are prices up in Q2 overall?

"Looks good. So by 2012 we'll start to see NYC real estate begin to move upward after it hits bottom sometime in 2010. "

I doubt prides will go anywhere for a while...but at the same time, i doubt prices will crash another 40-60% by the fall as some of the knuckle heads here noted.

Meant to write prices instead of prides..the auto spell checker works wonder.

If you want to know why rents are about to collapse:

http://www.bloomberg.com/apps/news?pid=20601087&sid=awM5pnHE4xas

What prices are "up" for Q2, ericho?

That article is about commercial real estate having nothing to do with Manhtattan's market.

Market rental buildings are considered commercial real estate, so you're wrong.

But good try.

It says 'HOME' prices.

http://www.housingwire.com/2009/07/09/home-prices-post-first-quarterly-gain-since-2006/

Now, why do you even bother posting a 'commercial' real estate story when i'm strictly talking about 'HOMES'.

> If that's the case, why are prices up in Q2 overall?

It is the case, and prices aren't up.

Case shiller is still going down, even monthly. The only good news was "falling slower".

New rental reports shows 60% drop in volume compare to last year!!!!

http://therealdeal.com/newyork/articles/new-rental-data-from-prudential-douglas-elliman-and-jonathan-miller-of-miller-samuel-shows-60-drop-in-deals

So what could that mean to you?

To me, it means the rental inventory is increasing and more people are leaving the city. It also means that this excess inventory is gonna pull rental prices further down.
Somehow i thought with rental prices going down 20%, the rental market had picked up (vs sales) due to many people catching the opportunity to move to a bigger place for the same rent money, or Brooklynites moving back to Manhattan but visibly this was not the case.

I'm loving this market right now, i'm telling you! For those who think the housing market in NY will pick up soon, keep dreaming! Buying Real estate in NYC at 60% discount is getting more real than ever! For those who purchased after 2005, well, it's an expensive way to learn the lesson! The good way to look at it is that people who bought after 2000 can't make fun of you. They are not safe either and will be soon in the same boat!