Should be fun.
They tell me it is sold out and there is a waiting list, but just in case…
Matrix Blog
Posts Tagged ‘Recovery’
[In The Media] Newsweek/BeastTV – “The Number” with Dan Gross 12-4-12
In our continuing monthly jousting match, Dan works hard to get me over to the “happy housing news” side whereas I prefer a more balanced long and slow view. Housing is better than it was, but a function of credit issues that are squeezing supply making the numbers look better overall. I’m not a perma bear but it’s too soon to jump up and down.
It’s a smaller universe of players in the mix and if that makes for a US recovery, then I guess it is. Still, incomes are flat, unemployment is elevated and +40% of houses with mortgages have low or negative equity. It’s tough to sign on to a full blown recovery even if prices rise next year in Manhattan.
Fun!
Tags: Dan Gross, BeastTV, Recovery, The Daily Beast, Television
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[NewYork Fed] Excellent Mapping of Housing’s Recovery Process in Region
December 4, 2012 | 9:00 am |
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[click to expand]
The Federal Reserve has been relying more on CoreLogic housing data these days, rather than Case Shiller or NAR and I’m down with that. The New York Fed has put the CoreLogic data for New York, Connecticut and New Jersey to good use in a very easy to use interactive County format that I highly recommend you check out. They even present a two-fer: all sales, without distressed sales.
My only criticism of the presentation (and it’s really me just being petty) is the orientation to market peak in 2006 as the benchmark. I see the 2006 peak as an artificial level we should not be in a hurry to return to since it reflected all that was bad with the credit/housing boom.
But I digress…
The top chart shows that Manhattan and Brooklyn after removing distressed sales, have “recovered” using the Fed’s methodology. In fact all 5 boroughs are out-performing the US housing market.
Manhattan is clearly one of the top performing locations in the region or at least it is ahead of the region. The map below shows the counties (green) that are now equal to 2007 price levels. Not many in close proximity to Manhattan are doing as well.
[click to expand]
Housing Market Recovery in the Region [Federal Reserve Bank of New York]
Tags: Case-Shiller, Federal Reserve, New York, Recovery
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About Jonathan Miller
Jonathan Miller is President and CEO of Miller Samuel Inc., a real estate appraisal and consulting firm he co-founded in 1986. He is a state-certified real estate appraiser in New York and Connecticut, performing court testimony as an expert witness in various local, state and federal courts. He holds the Counselors of Real Estate (CRE) and Certified Relocation Professional (CRP) designations. He is an Appraiser “A” Member of the Real Estate Board of New York and a member of Relocation Appraisers and Consultants, Inc.
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Columns by Jonathan Miller
Forbes ('20-)
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'Three Cents Worth' column 3CW ('05-'16)
When Curbed was acquired by Vox, my eleven years of 3CW chart art and column links were broken on Curbed NY, Curbed DC, Curbed Miami, Curbed Hamptons, Curbed LA, and Curbed Ski.
Many of my 3CW charts can be found here:
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Op-ed column ('14-'15)
'Economic Spotlight column ('03-'09)
New York Times experiment ('08-09')
Huffington Post (09')
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