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New York Home Prices Forecast to Drop 40%
- Text size
John Curran
Time Magazine
June 18, 2009
Time Magazine
June 18, 2009
- A d v e r t i s e m e n t
Ironically, that dire forecast is wrapped in an improving forecast for nationwide home prices. Back in March, Deutsche Bank analysts had expected national home prices to decline 16.5%; now they foresee just a 14% decline. That mildly upbeat news does not hold true for the New York City area, however, which is expected to see a 40.6% drop. While that is also a slight improvement from the March forecast, it is dire nonetheless.
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June 18th, 2009 at 1:40 pm
Forgive my ignorance but isn’t New York synonymous with inflated home prices.
rob base Reply:
June 18th, 2009 at 2:57 pm
Its called ‘readjustment’. New Yorks excessive house prices is symptomatic of the idiocy of relying on the housing market to get wealthy. Perhaps we can go back to purchasing homes to live in and building communities.
Social Viability Reply:
June 18th, 2009 at 3:31 pm
“…the idiocy of relying on the housing market to get wealthy.”
Don’t forget the idiocy of an unsustainable monetary system.
New York has had inflated home values for the same reason that everything is expensive in New York. The cost of living is so high there because it is close to the source of the money. The financial industry creates and collects massive amounts of new money. The Federal Reserve creates money out of thin air and a great deal of it comes into the real economy through the spending of the traders and bankers in New York.
A dairy farmer will have no shortage of milk. A dairy farming town will always have more than enough milk. New York is the money creation town. There’s a lot of money there so pay for regular jobs is higher and so is the cost of living.
So if the financial industry comes undone, it would be like all of the dairy cattle getting sick and dying. There would no longer be a lot of money to feed the inflated prices.
It’s just the inevitable outcome of a system that was never sustainable.
Don’t fight the system:
Replace it
http://socialviability.com/
beth hagen Reply:
June 19th, 2009 at 1:43 am
I cant see how anybody would want to live in the northeast I’ll stay here in FLA http://www.youtube.com/watch?v.....annel_page spawn of 9-11
I'm So Bored With The U-S-A Reply:
June 19th, 2009 at 11:33 pm
Yeah, there was no real estate bubble there…
John Henke Reply:
June 20th, 2009 at 4:44 pm
It ain’t bad in Florida. They just need to knock off another $ 100,000 from the prices on houses. There’s empties everywhere. Stupid suckers paid too much. They got screwed and knew they got screwed. But they were planning on screwing someone ells. Like a rape victim taking notes. So, screw them! They get what they deserve!
When prices drop to what reality says they should be, maybe I’ll buy one. But, reality is still two years away.
josh Reply:
June 19th, 2009 at 4:26 pm
well put SV, I never really considered why inflation hits NY so much more quickly than anywhere else… only question now for me is (somewhat rhetorical), where is all this new bailout money going if America is still experiencing falling prices?
Funkyintellect Reply:
June 19th, 2009 at 7:50 pm
Do you remember a few years back, when that tsunami hit Indonesia? The people on the shore just stood there- because the water went out… then it came rushing back!
That’s what could happen with the money, it could come flooding back into circulation. Minimum wage goes up 75 cents in July. People will think it’s great times at first, then there will be so many dollars, it will be a HYPER-inflation. A loaf of bread could be $9.79!
Rick Reply:
June 18th, 2009 at 5:09 pm
House pries have been crazy in New York and it has been a big problem in all mojor cities in the UK with the average age of first time buyer rising all the time and everyone is unable to get on the ladder without their parents help or borrowing way too much.
I have little sympathy really because it wasn’t like people weren’t being told not to do it, it just became the “in thing” to buy a house and now alot will suffer for being swept up in the whole credit credit spend spend spend hysteria.
When more people suffer personally more people will wake up to whats really going on.
Another important thing was what Alex and his guest were talking about today and that’s to appeal to our law enforement officers that we are good people just wanting to live our lives in peace and embrace them rather than demonising them because most will be good people and they should be on our side. It will be hard because the fear of losing your job when you have a family to support is huge and this could mean alot of them do bad things because they feel they have no choice. We need them to understand that it wouldn’t really taake that long to get rid of these evil few we and can all get back to the way we want things to be.
We will have to be prepared to make some sacrifices if we are to have any chance.
What is this march i have been seeing people mention in other comments? Is there any official news on this?
RT Reply:
June 19th, 2009 at 9:14 am
YOU THINK ALLL OF A SUDDEN THE COPS ARE GOING TO SERVE AND PROTECT YOU. YOU LOST. THEY SWEAR OATH AGAINST THEIR OWN MOTHER WHAT THE f--- MAKES YOU THINK THEY CARE ABOUT YOU?
Funkyintellect Reply:
June 19th, 2009 at 11:24 am
You’re not smart – all of your ID changes (with the same writing style) are a dead giveaway.
KayCee Reply:
June 18th, 2009 at 8:06 pm
Thank you, Rob. What a novel concept!
New Pork Unreal Estate Reply:
June 20th, 2009 at 9:55 am
this is another way for the new yorkers to get another stimulus…billions go to new york wall street banks and firms and why not billions more to preserve their wealth in real estate
fabian Reply:
June 19th, 2009 at 12:15 am
thank god .. crap is too expensive here .. maybe i will be able to afford a house eventually
Funkyintellect Reply:
June 19th, 2009 at 11:25 am
Had any hit singles lately?
jack fresco Reply:
June 19th, 2009 at 5:50 am
i wonder if this 40% drop is set to effect manhattan island or just the outer town NY areas?
a rhetorical question of course . . .
New Pork Unreal Estate Reply:
June 20th, 2009 at 10:11 am
well i think it means fresh bailout for new yorkers and that ben will be in his helicopter carpet bombing new york city and surrounding area with a heavy bombardment of lets say trillions to presever the wealth of the undeserving
June 18th, 2009 at 1:47 pm
This is what happened as we entered the Great Depression, folks. The price of real estate fell and the older a property was, the less it was worth. The reverse occurred in the 1970s and we got used to a continual rise in real estate values, due to inflation. Everyone thought that would continue and that’s how we were sold on the idea that our homes were some kind of “investment.” A home is shelter, not an “investment.” It’s also a debt, a liability, right up until you make that final payment. Until then, you don’t own squat, even though everyone with a mortgage to pay thinks they are a “homeowner.” It’s amazing how distorted the public’s perceptions have become in just a few decades.
godbluff Reply:
June 18th, 2009 at 2:52 pm
right you are sir. In addition even when you make the final payment you are still listed in the deed as a tenant, which indicates you as a lessor. they can take ” your” house even when you supposedly own it. if you’re lucky you’ll get close to market value.
roaddog Reply:
June 18th, 2009 at 3:09 pm
They can take your house and land with eminent domain.
Gary Reply:
June 18th, 2009 at 3:56 pm
True, and they’re invoking it more and more frequently now.
John Henke Reply:
June 18th, 2009 at 4:46 pm
They’ll take it if you don’t pay the rent. Oops, I mean, Property Tax.
Funkyintellect Reply:
June 18th, 2009 at 3:00 pm
That’s a benefit of working intergenerationally. Also, if you train a generation or two too believe that ‘quality’ equals 60 second service, then it’s “…down the memory hole, Winston”, because they lose the ability to pay attention or remember anything. Couple the ‘thought training’ with the corn syrup, fluoride and Mercury, etc. and it amplifies the effect.
Good job of using your brain Gary, well written.
“If you don’t know your history, then you’re totally lost”.
SERFIN USSA Reply:
June 18th, 2009 at 5:34 pm
Agreed. One thing I ‘d like to remind folks of is that even after the mortgage is paid off, you still pay the taxman. So, you never really own your own home, even after you pay for it. Don’t believe me, stop paying taxes for a few years. Welcome to perpetual slavery.
June 18th, 2009 at 1:56 pm
For anyone who knows nothing about the suburbs of New York it is the most expensive property in the country. When the housing prices inflated nationwide NY went out of control resulting in a fleeing of young people who could not afford to own or rent. I’m 28 on Long Island and I’ve been paying about $1000 a month for a small one bedroom apartment. A 3 bedroom house on a quarter acre was as high as $500,000 in a normal middle class neighborhood. For someone like me who is looking to get out of the renting game I welcome affordable housing.
Funkyintellect Reply:
June 18th, 2009 at 3:01 pm
That’s pretty high rent for an apartment.
jack fresco Reply:
June 19th, 2009 at 5:58 am
thats NYC for you . . .
I'm So Bored With The U-S-A Reply:
June 19th, 2009 at 11:34 pm
Still high for Long Island.
citizen#432588USA Reply:
June 18th, 2009 at 3:22 pm
Try $2,700/month for a small 2 bedroom in Manhattan, in what used to be the worst section of the city. How long can it last?
jack fresco Reply:
June 19th, 2009 at 5:59 am
TIP : get into brooklyn – commute – save money. You’d be surprised how affordable non-ghetto apartments are in brooklyn.
June 18th, 2009 at 1:56 pm
Gary… the sad part is that even after you make the final mortgage payment you are still not a “homeowner” since you have to continue to pay the local government protection money so that they won’t take it off you… They call it “property tax” like as if property does anything that could be taxed!
Gary Reply:
June 18th, 2009 at 2:18 pm
Yes! Very true. The whole concept of “home ownership” is an illusion perpetrated upon a dumbed-down public that hasn’t enough common sense or knowledge of economics to see it for what it is: a con game.
skip Reply:
June 18th, 2009 at 9:24 pm
Actually you should research land patents. From what i read and understand land protected by a land patent cannot lawfully be siezed for debt or taxes.
Gary Reply:
June 19th, 2009 at 9:59 am
That all depends on who owns the patent, though. If you’re not the patent holder, your land can be seized.
jack fresco Reply:
June 19th, 2009 at 6:03 am
NOTE: the direct translation of ‘mortgage’ in ancient latin is DEATH-PLEDGE.
google it.
June 18th, 2009 at 2:02 pm
That which was falsely inflated to the highest it could go has a very large fall, indeed.
Funkyintellect Reply:
June 18th, 2009 at 3:07 pm
There’s only one way that it could go.
June 18th, 2009 at 2:05 pm
It is in my opinion that certain obligations have been neglected or infringed upon by the Judiciary, Legislative and/or Executive branches of the US Federal govt. in relation to servicing the debt of their creation.
Therefore I demand satisfaction and show support by standing with other free people whom’s posterity I share and resubmit for consideration the original Bill of Rights for the US.
Amendment 1 – Freedom of Religion, Press, Expression. Ratified 12/15/1791.
Congress shall…
http://www.petitionspot.com/petitions/iou/
If you wont make a stand behind the Bill of Rights, then when and where do you draw the line?
If you see this as simple petition then you see the Constitution as a piece of paper.
This is a formal declaration of STANDING, a litmus test if you will.
I encourage Mr. Ron Paul and anyone who believes in the merits of the Bill of Rights to DECLARE themselves by signing this petition.
June 18th, 2009 at 2:06 pm
the story is written by a yutz vits nit gedei get kibbitz not so bad for home prices to fall zorg zich nit …:)
Gary Reply:
June 18th, 2009 at 2:20 pm
f--- off, you Khazarian bastard.
Funkyintellect Reply:
June 18th, 2009 at 3:11 pm
Sounds like you’re coffin’.
June 18th, 2009 at 2:15 pm
Time to raise the property taxes!
Funkyintellect Reply:
June 18th, 2009 at 3:12 pm
I bet you like Yoko’s songs off of Double Fantasy better than John’s.
Funkyintellect Reply:
June 18th, 2009 at 3:19 pm
I have a suspicion that you might like Yoko’s songs better than John’s.
June 18th, 2009 at 3:10 pm
And who in their right mind would want to live in new york anyway?
jw5470 Reply:
June 18th, 2009 at 10:39 pm
brilliant statement roaddog…. just some of the smartest, brightest and interesting. that’s all. don’t bother applying.
777 beats 666 Reply:
June 18th, 2009 at 10:48 pm
I agree with the roaddog…Not i
roaddog Reply:
June 18th, 2009 at 11:20 pm
Hey, I lived in conneticutt for three years and when I drove truck I was in new york all the time. f--- new york. Sweat your ass off in the summer and freeze your balls off in the winter. Bunch of crack heads.
June 18th, 2009 at 3:17 pm
Since the mid-1990s, the minions have been on their own and largely at war with one another. This war is about to end. The economic and political factions on your world are aligning with a special coalition that we dub our Earth allies. Moreover, the divine transformation of your reality means that a first contact is absolutely necessary. The various preparations we have made both on our ships and in Inner Earth are a sign of our degree of commitment to the people of Earth. We have carried on a dialogue with every major government on your planet. They all know that when the divine signal is given, we are coming in immense numbers. Before then, we expect the changes prepared by the Ascended Masters to be in place. Your future is a return to global prosperity and full consciousness!
Funkyintellect Reply:
June 18th, 2009 at 4:40 pm
Funkin’ on the Mothership? Extraterrestrial brothers with specially designed Afronots?. Party on the long song, The Mothership Connection – Funkin’ to Heaven in ‘77!
Funkyintellect Reply:
June 18th, 2009 at 4:45 pm
You need to focus on the food you’re eating, because there’s people WHO are focused on the food YOU’RE eating.
June 18th, 2009 at 3:39 pm
The “Big Apple” is for RICH PEOPLE; real life in New York for the Average-Joe is anything but LIFE!
June 18th, 2009 at 3:51 pm
HERE: Stream and Download ALL the best interviews and rants from the Alex Jones Show Archives:
http://alex-jones-archives.politicsfiles.info/
TODAY:
- {Director} William Lewis (In-Studio):Bubbles, Panics and Depressions
- Weird Hexadecimal Code in Telegraphs Operation Blackjack Part 5
- “POWER GRAB” by The Federal Reserve Banksters
Backup your favorite episodes, don’t miss any!
June 18th, 2009 at 4:00 pm
Here is a dumb joke i made up to lighten the mood.
Secretary of State Hillary Clinton fell and broke her arm yesterday in route to the White House. She is scheduled to have surgery next week. An anonymous source close to the State Department has said that Clinton will have her right arm amputated and replaced with another left one.
CongressIsObsolete Reply:
June 18th, 2009 at 4:02 pm
LOL!
U-B-U-N-I-B-I Reply:
June 18th, 2009 at 5:28 pm
UPDATE- Further fact checking by sources has revealed if the scheduled surgery on Mrs. Clinton goes as planned this elective surgery will be offered to all members of the congress who support the new Universal Health care Bill this fall.
Funkyintellect Reply:
June 18th, 2009 at 4:42 pm
That District Of Columbia country sure does things strangely.
777 beats 666 Reply:
June 18th, 2009 at 10:51 pm
Kentucky fried chicken in the District of Corruption is having a 5 piece special…Its called the Hillary Special…It consists of 2 small breast, 2 big thighs and a left wing.
June 18th, 2009 at 5:08 pm
http://www.investinisrael.gov.il/ zie gezunt ! Gary nogoodnick ongenhblozzen oysvrf zhlub yenta yatehbedam vits umglick vild mensch nisht gut Gary the Shlemiel shmoiger … hahaha
June 18th, 2009 at 5:42 pm
The point is, ladies and gentleman, that greed — for lack of a better word — is good.
Greed is right.
Greed works.
Greed clarifies, cuts through, and captures the essence of the evolutionary spirit.
Greed, in all of its forms — greed for life, for money, for love, knowledge — has marked the upward surge of mankind.
And greed — you mark my words — will not only save Teldar Paper, but that other malfunctioning corporation called the USA. –G. Gekko
show me baby Reply:
June 18th, 2009 at 7:04 pm
Greed is good? RAE YOU HIGH BEACHBOY? Come on now, I think thats how we got into this situation. Sharing is caring .
—-FREE HUMANITY—-
Gary Reply:
June 19th, 2009 at 10:10 am
So, are you in agreement with Gordon Gecko, or are you quoting him as an example of how the international bankers think?
June 18th, 2009 at 5:56 pm
Is that like Greedy Grady and Fred G.? …And the G stands for Grabby.
Gary Reply:
June 19th, 2009 at 10:04 am
He’s quoting a line from the fictional Gordon Gecko (played by Michael Douglas), in the movie, “Wallstreet.”
June 18th, 2009 at 7:02 pm
http://911essentials.com thinks it could go even more than 40%.
911essentials is a primer portal introduction to the New World Order Corporate Banking Police State, its plans for one world government and their worship of the fake science Eugenics
June 18th, 2009 at 8:02 pm
drop 40%…thats all??? you would still have to be rich to live in NYC. lol
June 18th, 2009 at 8:03 pm
igloo’s for rent next to Sara Palin’s hot box.
June 18th, 2009 at 8:49 pm
The Rockefeller’s will buy up all the neighbourhoods and rent them cheap to all law enforcement agencies.
June 18th, 2009 at 10:15 pm
This whole story is sad. If you know anyone living in a NYC Suburb, you would not feel so glib.
Imagine the horror of having grown up in such a system, and then you may be able to empathize with people who had no real choice but to play the hand they were dealt.
Now, the NWO bulldozes their high foundations, and laughs.
Criminals, and evil ones at that.
June 18th, 2009 at 11:35 pm
Rothschilds and the Federal Reserve
http://www.youtube.com/watch?v=NzLIz27Gq... <<<Click this *&* see video
No wonder Obama, NBC, and ABC hate FOX news
June 19th, 2009 at 2:23 am
I’ve got a good way to fight them: The REAL price of gold: http://www.realspotprice.com/
Please spread it around.
June 19th, 2009 at 6:59 am
The fact being-too many units on the market,baby boomer buying into a home as a retirement vehicle,401K’s losing 40% of value,retirement plans underfunded and business using there own stock in those 401K’s.general lost of revenue to all governments sectors,unemployment at realistically around 20%,massive government expansion in size and debt,upkeep on 700 military bases,over seas conflict,loss of industrial base,infrastructure failing,systemic fraud in all sectors,general support of illegal aliens,medicaid,social security,unfunded mandates from federal government,etc.etc.etc.-We are watching the collapse of a civilization and its far from over
June 19th, 2009 at 12:23 pm
I think it would be much easier to buy an RV and live at a campground. TO heck with getting a fricking loan to buy a house.THEY can tak there fradulent morgatges and stick them where the sun doesn’t shine.JUST speaking for myself though.
tuff old man Reply:
June 19th, 2009 at 4:35 pm
Why would you want to pay taxes on a home you never own.Get on a plot of land,park your RV and put in a garden.It works for me and the taxes are nothing.
June 20th, 2009 at 9:47 am
no way…..who comes up with these figures…. if even close to being accurate this would wipe off a trillion of dollars worth of real or unreal estate prices… Obama might have to consider another stimulus package for new pork unreal estate…
June 20th, 2009 at 2:15 pm
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June 21st, 2009 at 11:36 am
The prices have to be lowered. That way the Chinese/Russians etc. can afford to buy that much more property.