The New Economic Climb

which economists said that the recession alread ended? Roubini, Krugamn, Bernanke, and Summers completely disagree.

Lets also not forget that the NAR took out COMMERCIALS saying the buying opportunity of a lifetime was LAST YEAR!!!!!!!!!!!!!!!!!!

thank you for your unbiased opinion. this is one of the weakest arguements for RE Ive come across.

This shill was so sure of himself, he had to post it 5 times.

Now you KNOW its true!

"The recession is over. Buyers are looking and buying. Sellers are accepting that a new era has begun and they have reset their prices to reflect a reduction of 25% to 35%."

lol, how about accepting prices back to 2002? that's a bigger cut than 25%-35%. anyway, what a clown! it reminds me of tim geithner saying that he's committed to a strong dollar.... CLOWN!

I think that they are talking their book. The rather reliable authors of the Case Shiller Housing Index suggested on CNBC last month that NY real estate had further to fall and then will be flat for at least until 2012. I have been looking to buy as my landlord will not adjust my rent lower. I have found that sellers are still unreasonable about the 25 - 35% drop from 2008. Many are still asking ridiculous prices -- like a 10 to 15% drop from 2008 recorded sales. And when I question their brokers, saying that the asking price does not reflect the reality of the market, they give me the "rosy outlook" story.

btw, barbara corcoran and dolly lenz both said the best buying opportunities in ny real estate were upon us 12 months ago. they have a vested interest in trying to call the bottom -- even on a weekly basis.

Yes, I always take my economic advice from brokers. Include the one who, on the eve of the financial meltdown told me "global recession? wall street meltdown? oh, they say that EVERY year".

according to the official data, prices are down 20%, not 35%. So it appears that you are the unrealisitic one, not the sellers.

this posting should be nominated and immediately win the stupidest, most desperate broker of the decade award.

> according to the official data, prices are down 20%, not 35%.

Oh my god, alpo finally admitted it! Wow, only took him a year. Remember all his "PRICES ARE NOT DOWN 20% SHOW ME JUST ONE EXAMPLE" posts!

What a buttmunch.

(and, prices *are* down 30% for apartments 2 bedrooms or more)

"this posting should be nominated and immediately win the stupidest, most desperate broker of the decade award."

How about the guy from the 110 livingston building (two trees) who sent out an e-mail about the supposedly "sold out" building saying there were broken contracts and there was still a chance to get it... then it was publicized and he backtracked saying "it was a scam, these are just people moving to BIGGER apartments, we are SOLD OUT".... and then the building had to start renting out the apartments it couldn't sell in the "100% sold" building.

lol, cc. that contest should be going on! the RE strawberry both for worse blogger and worse thread. "I have been looking to buy as my landlord will not adjust my rent lower. " if might find a landlord dealing with vacancies willing to negotiate. how many years of renting would you have to spend only in transaction costs if you buy?

"July 20 (Bloomberg) -- The index of U.S. leading indicators rose in June for a third consecutive month, reinforcing signs the economy may be emerging from the worst recession in five decades. "

http://bloomberg.com/apps/news?pid=20601087&sid=aM0zj0YsJ8fk

So, bulls are finally admitting this is the worst recession in 5 decades???

Took 'em long enough...

"the economy may be emerging from the worst recession" = "The recession is over"????

"may" is a word with a very clear hedged meaning.

and by the way the issue for nyc is not merely the recession but the bubble. i don't think anyone is suggesting that the bubble is or ever will return.

Yes, that is probably the biggest mistake of many made by the bulls.

Recovery from a bubble doesn't mean a return to bubble prices....

"i don't think anyone is suggesting that the bubble is or ever will return."

Holly shit! We agree on something for a change. Can i buy you a drink?

we're not out of anything until non farm payrolls go positive

admin: if you don't accept the anecdotal experiences of bloggers without trashing them, then why blog at all. I am in a Glenwood luxury building with a very high rent. The management is offering lower rates to new renters but will not lower the rent of existing tenants. My neighbors have experienced the same and they also are moving. Since I sold my apartment to avoid the bubble -- perhaps a bit too early since I sold in Jan 05-- I have been waiting for an opportunity to buy. The well invested proceeds from the sale of my apartment covered my rent for a few years. That is obviously no longer the case since investment returns are so low, so it makes sense to buy. And of course, I have considered transaction costs to buy. If I can find a two bedroom on the west side that reflects the true 25% decline, it will make sense to buy. Otherwise I will rent in a building with better rents and a more reasonable landlord.

What ericho seems to have missed in his CUNY economics class is that recession means a GDP decline. So even if the recession ends by the end of the year, we're still declining until then. Recover (getting back to past GDP) is years after that.