news flash: ny times article drives SE bear to go "postal"
Started by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008
Discussion about
http://www.nytimes.com/2009/12/13/realestate/13cov.html?hpw This BUYING? YOU? article in today's ny times is almost like a joke designed to send the typical SE bear over the edge. The NY times seems to officially be on a cheerleading mission in the re section. "Celia Chen, a senior director of the research staff at Moody’s Economy.com, and a specialist in housing economics, says that the housing... [more]
http://www.nytimes.com/2009/12/13/realestate/13cov.html?hpw
This BUYING? YOU? article in today's ny times is almost like a joke designed to send the typical SE bear over the edge. The NY times seems to officially be on a cheerleading mission in the re section.
"Celia Chen, a senior director of the research staff at Moody’s Economy.com, and a specialist in housing economics, says that the housing cycle nationally is near its nadir, with prices very likely to fall a little more into the middle of next year."[I LOVE THE NATIONAL REFERENCE IN AN ARTICLE ON NY CITY]
“But even if you’re not getting a rock-bottom price,” Ms. Chen said, “prices have come down substantially since the peak of the market, and you will get a good, reasonable deal at very low mortgage rates. Now is probably as good a time as ever to buy.” [I LOVE THE WORD REASONABLE]
"But you can’t compare, because the difference is she will be building equity in something she owns, instead of throwing her money out the window in rent.” [ANYONE HEARD THAT BEFORE?]
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Response by marco_m
about 16 years ago
Posts: 2481
Member since: Dec 2008
Jim...all ur posts wreak of desperation and frustration. please enjoy a few moments of holiday cheer because 2010 is gonna be more of 2009..rental market just keeps goin lower
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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008
Uh,,I thought this article was funny, just because it was so one sided.
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Response by jimstreeteasy
about 16 years ago
Posts: 1967
Member since: Oct 2008
marco....I see on another thread you said owners show "desperation". I'm not an owner. I want things to get "worse", i.e. correct to same sane level, and I'm fairly convinced they will, but nothing is certain.
Mark Zandi, chief economist at Moody's Economy.com
While the rest of the country looks forward to a bit of a respite in the hard, grinding slide of property prices, New Yorkers will enjoy less relief in 2010. Mark Zandi, chief economist of Moody's Economy.com, said prices are still inflated compared to rents, eroding the possibility of price improvements in the near future. The New York City metro area ranked 84th-worst out of the 100 markets in his forecast, with the 2009 median home price of $416,730 expected to fall another 15.63 percent, ahead of his national forecast range of 5 percent to 10 percent. Rounding out the regional duds, Nassau County in Long Island ranked 76th, with the $368,260 expected to drop 13.14 percent and Newark, N.J. was No. 71, with the $367,380 median slated to drop 11.29 percent. [Fortune via CNN Money]
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I would say LOL at how incompetent Moody's is, but it's really not funny that an organization characterized by such systemic incompetence has such an important role in the financial markets. AAA rating on subprime CDO-squareds? How's that workin' out for people?
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Response by The_President
about 16 years ago
Posts: 2412
Member since: Jun 2009
I can't wait for the day that all the Moody's executives are thrown into jail. They are total frauds. They gave out AAA ratings like cotton candy at the state fair.
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Response by tanker
about 16 years ago
Posts: 70
Member since: Jul 2008
The Times real estate section might as well be owned by the advertisers. They should be ashamed. A good piece of investigative journalism should delve into how the Times picks these pieces. I would not be at all surprised to learn how the "reporters" are steered into writing bullish bunk . . .
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Response by flatironj
about 16 years ago
Posts: 168
Member since: Apr 2009
I really admire the NY Times, but as someone who has worked in the RE business for about 30 years, I can attest that anybody who believes what the Times "reports" about real estate is very foolish. The only worse "reporting" the paper did was about GRID/AIDS/HIV which it pretty much ignored for a decade. Way to go Times!
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Response by SkinnyNsweet
about 16 years ago
Posts: 408
Member since: Jun 2006
Jayson Blair is now a certified life coach. Stay positive.
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Response by Otto
about 16 years ago
Posts: 128
Member since: Dec 2008
Agreed, Tanker. The Times' Sunday Real Estate section is just another vanity section, like today's Travel section: "The Ski Issue" is filled with articles about skiing and advertisements from ski destinations.
That being said, today's RE article about folks willing to swap their rent-controlled apartments 'cuz it's "a good time to buy" is truly and completely shameless pandering and propaganda.
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Jim...all ur posts wreak of desperation and frustration. please enjoy a few moments of holiday cheer because 2010 is gonna be more of 2009..rental market just keeps goin lower
Uh,,I thought this article was funny, just because it was so one sided.
marco....I see on another thread you said owners show "desperation". I'm not an owner. I want things to get "worse", i.e. correct to same sane level, and I'm fairly convinced they will, but nothing is certain.
I apologize..I confused you with jimhones. sorry!
This is too funny. Apparently Celia Chen hasn't been spending a lot of quality time with her boss lately. Moody's chief economist's position is that NYC is going down 15% next year. See here:
http://money.cnn.com/2009/12/08/real_estate/housing_outlook.fortune/index.htm
And here: http://streeteasy.com/nyc/talk/discussion/16915-moodys-ny-re-down-15-next-year
Mark Zandi, chief economist at Moody's Economy.com
While the rest of the country looks forward to a bit of a respite in the hard, grinding slide of property prices, New Yorkers will enjoy less relief in 2010. Mark Zandi, chief economist of Moody's Economy.com, said prices are still inflated compared to rents, eroding the possibility of price improvements in the near future. The New York City metro area ranked 84th-worst out of the 100 markets in his forecast, with the 2009 median home price of $416,730 expected to fall another 15.63 percent, ahead of his national forecast range of 5 percent to 10 percent. Rounding out the regional duds, Nassau County in Long Island ranked 76th, with the $368,260 expected to drop 13.14 percent and Newark, N.J. was No. 71, with the $367,380 median slated to drop 11.29 percent. [Fortune via CNN Money]
===========================
I would say LOL at how incompetent Moody's is, but it's really not funny that an organization characterized by such systemic incompetence has such an important role in the financial markets. AAA rating on subprime CDO-squareds? How's that workin' out for people?
I can't wait for the day that all the Moody's executives are thrown into jail. They are total frauds. They gave out AAA ratings like cotton candy at the state fair.
The Times real estate section might as well be owned by the advertisers. They should be ashamed. A good piece of investigative journalism should delve into how the Times picks these pieces. I would not be at all surprised to learn how the "reporters" are steered into writing bullish bunk . . .
I really admire the NY Times, but as someone who has worked in the RE business for about 30 years, I can attest that anybody who believes what the Times "reports" about real estate is very foolish. The only worse "reporting" the paper did was about GRID/AIDS/HIV which it pretty much ignored for a decade. Way to go Times!
Jayson Blair is now a certified life coach. Stay positive.
Agreed, Tanker. The Times' Sunday Real Estate section is just another vanity section, like today's Travel section: "The Ski Issue" is filled with articles about skiing and advertisements from ski destinations.
That being said, today's RE article about folks willing to swap their rent-controlled apartments 'cuz it's "a good time to buy" is truly and completely shameless pandering and propaganda.
Signed, smug-sideline-sitter-not-trading-my-cheap-rent-for-bubble-priced-purchase-with-added-bonus-of-ever-inflating-common-charges.