The October numbers are in, and U.S. single-home prices dropped 18 percent against the previous year. Newer mind the suburbs, you say; what about here in the land of the $1,885 alcove studio? More good news: big-city housing value dropped even more, trending down so strong it appears to be taking New York prices with it.
The Times hauls out Harvard economist Edward L. Glaeser to make realtors feel better. “I won’t be surprised if Manhattan prices do drop in the next few years,” he admits, “but I also strongly believe that the future of New York City continues to be bright.” Actually, Professor, some of us think a drop in prices will itself brighten our future. But we suppose we’re not your intended audience.
“They’re all telling the same lies they’ve been telling for the last two years,” says Blown Mortgage. “Don’t buy it. The housing market will only pick up speed on its way down, aided by a crumbling economy… Housing bottoms are long, painful and flat.” Yee-haw! Meanwhile enjoy this video from Robert Hill real estate of a $1400 Upper East Side studio. Years from now you’ll be looking at it and wondering, how the hell did people survive those pre-New Depression years?