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TAKING THE HYPE OUT OF HOBOKEN REAL ESTATE: Lack of real estate data transparency prevents sound decisions from objective sources. The current debate on property values in Hoboken, NJ and their future direction seems to have brokers and flippers sounding off about the resilience to any vulnerability. This blog has been erected to bring some RE.ality (real estate reality) to the discussion.
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The March Case-Shiller 20-city index showed that house prices are still falling at a very rapid pace. Prices fell by 2.2 percent in March, the fastest pace on record. They have been falling at a 22.8 percent annual rate over the last quarter, up from an 18.7 percent annual rate over the last year. The rate of house price decline through the first three months of 2009 is slightly faster than the rate assumed in the adverse scenario in the stress tests performed by the Fed on the country's 19 largest banks.
Several of the usual suspects remain near the top of the list for rates of price decline, with prices in March falling by 3.7 percent in Las Vegas, 4.4 percent in Phoenix, and 4.6 percent in Detroit. However, some other former bubble markets are now jumping to the top in the rate of price decline. In Chicago prices declined 3.0 percent in March, in New York prices fell 2.3 percent, and in both Seattle and Portland prices dropped by 2.5 percent. The biggest loser in March was Minneapolis, where prices fell by 5.4 percent.
None of these price declines appear to be anomalous. Over the last quarter, prices have fallen at a 34.7 percent annual rate in Chicago and a 19.2 percent annual rate in New York. The downturn in the financial industry in New York should make it likely that this rate of price decline accelerates in future months.
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