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Back in September 2007, we devoted our first ever new ‘Inside Edge’ publication to examine the escalating sub-prime issue, and to predict how the financial instability was going to affect housing and community development in NYC. As the economic crisis became a reality, we have continued to use our expertise to conduct unique research and analysis to reveal the real impacts of the recession on the housing industry.
You can keep track of CHPC’s work in this issue here.
Those who hoped that 2012 would be the year of stabilizing home prices are disappointed by today’s release of the February 2012 Case-Shiller index. While the non-seasonally adjusted Index shows that the rate of decline has slowed for some areas, 9 cities posted new lows for the post-boom era. The seasonally adjusted numbers show a .1% gain for the 10 city Index, but the general trend is still negative.
The January 2012 Case Shiller index, released March 27, 2012, shows substantial declines. For the New York area January 2012 was a 2.9% decline from the index level in January 2011. The 20 City Index shows a 3.8% decline over the same period. Despite hopeful signs in the rest of the economy it appears the housing market has not yet reached its bottom.
The Case Shiller Index for December 2011 has scored new lows on its three major indexes; the national composite index, the 20 city composite index and the 10 city composite index. New York metro area has also hit an all time low, so home prices are now at the lowest they have been since the housing crisis started in 2006. Is this the bottom?
On Thursday, February 16, CHPC Senior Fellow Harold Shultz took part in Revisiting the Growing Impact of the Mortgage and Credit Crisis on New York City, hosted by the APA New York Metro Chapter at EDC. He was joined by Max Weselcouch of the NYU Furman Center for Real Estate and John Warren of Workforce Housing Advisers.
Harold presented research from CHPC’s new report, The Impact of Multifamily Foreclosures and Over-Mortgaging in Neighborhoods in New York City. The report shows that in New York City neighborhoods, a correlation exists between the presence of overmortgaged multifamily buildings and increased housing code… Read more...
Harold Shultz is taking part in a panel discussion organized by the APA New York Chapter on February 16 2012, entitled, Revisiting the Growing Impact of the Mortgage and Credit Crisis on New York City.
Last year’s mortgage crisis panel discussion revealed that NYC neighborhoods continue to be negatively impacted by foreclosures and overleveraged multifamily properties.
This session Max Weselcouch will present this year’s findings of the State of New York City’s Housing and Neighborhoods, an annual study conducted by the NYU Furman Center for Real Estate that reviews the impact of foreclosures on New York City neighborhoods. She will… Read more...
The Case Shiller Index for single family houses continues its decline. The frequently forecasted “bottom of the housing market” has, apparently, not yet arrived. All metro areas in the US, with the exception of Phoenix, experienced a decline from October 2011 to November 2011 in the non-seasonally adjusted index. Some economists now predict the market bottom by the spring of 2012.
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