Home Values

Housing still on the decline.

I don't care for business insider, I think they are struggling to be relevant and tend to be alarmist so that they get noticed.

I'm also tired of "off from the peak" stories. That news is so 2008 (so two thousand and late! as Fergie says)

Where is the insight for this new reality? I think NYC metro is not in decline, not with the price escalation I'm seeing.

The data is from Zillow, not BI. Here, I'll make is all better:

"But there might be some good news hiding in those depressing figures. Yes, home values are declining faster. They had stabilized somewhat during 2009/early 2010 because the government was paying people to buy homes with the homebuyer tax credits. The credits stimulated the market, but what the market really needed was to return to a state of natural equilibrium between supply and demand.

We believe that the market is back on track now. It’s falling, but that means it’ll reach equilibrium faster. And that also means the bottom is on its way, and will probably be here by the end of the year. As our chief economist Dr. Stan Humphries puts it, “It’s darkest before the dawn.” So buck up, homeowners, the end of the housing recession is near!"

http://www.zillow.com/blog/tax-credit-hangover-continues-with-negative-equity-up-home-values-down/2011/02/08/

Huzzah!