.
11/28/12, "Housing $$ gains forget NY," NY Post, Paul Tharp
"New York home prices fell 2.3 percent at the end of the third quarter
compared with the year-ago quarter — while most of the country was
seeing home prices rebound, a survey yesterday showed.
The
weakness in the Big Apple was the result of weakness in the financial
services sector, born out of Wall Street’s fears over tighter
regulation, said David Blitzer, director of the S&P/Case-Shiller
Index, which produced the survey.
The survey, which tracks the top
20 metropolitan areas, showed homes prices overall gained 3.6 percent
in the quarter — their best upswing since July 2010.
Chicago was the only other city seeing prices decline.
“Banks
and financial services drive the economies in these two cities, and
their malaise over tighter regulation in their industries is finally
catching up with them,” said Blitzer.
Hurricane Sandy might also boost home prices next year, as demand for construction services and scarce materials rise, he said.
This, Blitzer noted, might make the bargain-priced fixer-upper you were eyeing eventually cost more than you had hoped."....
.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment