US - Most Homes on Market Since 1982 (or even)

Probably true, Steve, but largely irrelevant.

Here in Manhattan we have inventory of about 7300 and a population of about 1.6 million. So, inventory is low, and prices are still modestly appreciating. Could be we'll see some more softness because of the economy, but given the lack of availability, no drastic changes.

All real estate is local, and that's especially true on our little island.

in 1982 the USA population was lower

Hey why are guys constantly posting bad news on the site?
I mean, definitely helpful to post solid facts and of course interesting to see people's sentiment and opinion on things. If something is really news, I definitely want to see it.
But I've just noticed over the past cople weeks that people just seem to post negative news on here like it is their job or something. How does that benefit anyone?

Inventory in Manhattan is NOT low. It is up year over year. There is a glut of 1 bedroom apartments!

Yes, right. But 7300 out of 1.6 million is still low in my book. And there have been some declines over the past month.

Entertainer, the point of the little cabal of bears is to do anything and everything to talk the price down. Scaring people on to the sidelines. Driving up inventory and driving down prices.

That's not to say there hasn't been some softening because of macroeconomic factors. But the local market has remained strong. And it will remain relatively stable. As long as we continue to fight the bears with hand to hand combat in the street. Well, maybe not that. But diligently disagree with crap they post.

"Probably true, Steve, but largely irrelevant."

Not sure this is irrelevant to NY. This glut of real estate and their plunging values is bleeding wealth in this country to the tune of hundreds of billions of dollars. The value of related debt is being hammered or become toilet paper which had badly damaged most of our financial institutions, many of which are major employers, tax payers & headquartered in Manhattan.

Thus far, this fiasco has cost the financial industry close to $500 billion and by the time this is all said and done, estimates range at $1 trillion. It's important, these numbers are huge.

But will, you are missing the fact that most people in Manhattan RENT not own. So using the 1.6 million figure is useless. There are not 1.6 million homeowners and buyers. Out of the 1.6 million, only about 500,000 of them will own.

"And there have been some declines over the past month."

And those declines will be wiped out in 2009 by gains since the upcoming bonus season is going to SUCK.

Hmm, another person thinks Eddie Wilson is a negative jackass. Interesting . . .

will: you dont seem like you know what you are talking about. at 7K+, we're talking nearly 10 months worth inventory - up from 4K a year ago. Inventory in manhattan has nearly doubled over the last year.

the fact that there are 1.6 M units is irrelevant - many of them are rentals.

LIC Comment, you live in long island city. i mean, really.

Yes, but if he posts enough, he won't lose his entire allowance on his queen condo....

the most inventory since 1982?? that's great.... housing had a great runup from 82-90. Prices more than doubled.

And we have higher inventory than every point in that runup (and every other runup since). 1982 was picked because its when they starting collecting data.

The point of the article is..... we've never seen inventory this big ever (or at least since we counted).