Not in Greenwich they haven’t

Pending home sales show unexpected rise in December. Not so here – contracts are almost dead. But I do notice more and more homes being reduced to less than their sellers paid for them and if that keeps up, we’ll see sales. Eventually. No, not your house, Mad Monkey – you’ll be waiting until 2019, so unpack those boxes and relax.

3 Comments

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3 responses to “Not in Greenwich they haven’t

  1. anonymous

    IIRC, in ’80s Bubble, prices peaked in NYC and BeverlyHills in ~’89; bottomed in ~’94 at ~60% peak prices…and only re-reached ’89 prices in ~’00

    If timing is roughly extrapolated, this Bubble peaked in ?early ’07, so perhaps a bottom in ?’12

    Most would argue this recession and credit crisis is far worse than stuff of early ’90s, so draw own conclusions re: timing and severity of depreciation in this down cycle…smells like early days of the slow-motion unwind in upscale areas of both NYC and CA…

  2. DebtVulture

    With graphs like these:

    http://www.calculatedriskblog.com/2009/02/q4-homeownership-rate-declines-to-2000.html

    …..I’m sure we will be at the $1,000/sq. ft. metric in no time!

  3. anonymous

    I like these graphs more: