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Re: NYC Home Prices Are Headed for Collapse

By: clo in ROUND | Recommend this post (0)
Mon, 06 Jun 11 8:53 PM | 56 view(s)
Boardmark this board | De's Test Board 		Msg. 33280 of 45510
(This msg. is a reply to 33279 by Decomposed)
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Decomp,

My sister Melanie's home is for sale.
The house is in a good location, minutes from White Plains & a quick train ride to the city.

http://www.zillow.com/homedetails/267-Brighton-Ave-Hawthorne-NY-10532/33059917_zpid/#{scid=hdp-site-map-list-address}

The reason for selling, she became ill on 12/21, had a ministroke, then a full blown stroke the same day in the hospital. A week+ later we learned she had stage 4 cancer. This took time to get lab results, we pulled life support & she was gone on 12/30/2010. She was 58.
She didn't suffer a long illness, but it was a real shock & loss. clo





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The above is a reply to the following message:
NYC Home Prices Are Headed for Collapse
By: Decomposed in ROUND
Mon, 06 Jun 11 8:12 PM 		Msg. 33279 of 45510

NYC Home Prices Are Headed for Collapse

June 3, 2011

by Keith Jurow
SeekingAlpha.com

New York City is the largest city in the U.S. with roughly eight million residents. The metro area encompasses 18 million people. What occurs there has national ramifications. Now is a good time to take a look at why the entire New York City market is headed for collapse.

First, let's see what's happened to home prices around the country since the expiration of the first-time buyer tax credit. The best source for this is Clear Capital and its excellent Home Data Index (HDI) Market Report.

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Since the end of last summer home prices nationwide have plunged by an average of 11.5% through April 2011. Some of the worst major metros have fallen even more. Talk of home prices bottoming has stopped. For a year, I've been saying that there is no housing recovery in sight.

Yet New York City median home prices have held up pretty well during this period. Why?

Most Seeking Alpha readers are not aware that the servicing banks are simply not foreclosing on delinquent homeowners. They aren't even putting them into default. Take a look at this chart showing the rise in serious delinquencies in Queens:

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When the banks begin to foreclose and dump the REOs on the market, prices in all five boroughs will completely collapse. This is almost as certain as night follows day. Ignore it at your own risk.


Full story: http://seekingalpha.com/article/273162-new-york-city-home-prices-are-headed-for-collapse

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