토토사이트
Advertisement
  • 홈
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
    • Invest in Amazon $250
  • 암호화폐
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
  • 온라인 카지노
    • 카지노에서 승리하는 방법
    • 카지노에서 블랙잭을 플레이하는 방법
    • 카지노에서 룰렛을 플레이하는 방법
    • 바카라 게임 방법
    • 카지노 카드 게임을 하는 방법
    • 온라인 카지노를 플레이하는 방법
    • 카지노에 무엇을 입어야합니까?
    • 카지노에서 크랩스를 플레이하는 방법
  • 스포츠 베팅
    • 야구에 베팅하는 방법
    • 축구에 베팅하는 방법
    • NFL 게임에 베팅하는 방법
    • 슬롯 머신에서 승리하는 방법
    • 스포츠 베팅은 어떻게 작동하나요?
  • 슬롯 머신
    • 가장 높은 지불금 슬롯 머신
    • 슬롯 토너먼트는 어떻게 진행되나요?
  • 온라인 베팅
    • 베팅 배당률은 어떻게 작동하나요?
    • 머니라인 베팅이 뭐야?
    • 슈퍼볼에 베팅하는 방법
    • 라운드 로빈 베팅은 어떻게 진행되나요?
    • UFC 경기에 베팅하는 방법
    • 매칭베팅이 뭐야?
    • 경마에 베팅하는 방법
    • 스프레드 베팅이란 무엇입니까?
No Result
View All Result
  • 홈
    • 카지노사이트
    • 도박사이트
    • 룰렛 사이트
    • 라이브카지노
    • 바카라사이트
    • 안전카지노
  • 경제
  • 파이낸스
  • 정치
  • 투자
    • Invest in Amazon $250
  • 암호화폐
    • Best Bitcoin Accounts
    • Bitcoin Robot
      • Quantum AI
      • Bitcoin Era
      • Bitcoin Aussie System
      • Bitcoin Profit
      • Bitcoin Code
      • eKrona Cryptocurrency
      • Bitcoin Up
      • Bitcoin Prime
      • Yuan Pay Group
      • Immediate Profit
      • BitQH
      • Bitcoin Loophole
      • Crypto Boom
      • Bitcoin Treasure
      • Bitcoin Lucro
      • Bitcoin System
      • Oil Profit
      • The News Spy
      • Bitcoin Buyer
      • Bitcoin Inform
      • Immediate Edge
      • Bitcoin Evolution
      • Cryptohopper
      • Ethereum Trader
      • BitQL
      • Quantum Code
      • Bitcoin Revolution
      • British Trade Platform
      • British Bitcoin Profit
    • Bitcoin Reddit
    • Celebrities
      • Dr. Chris Brown Bitcoin
      • Teeka Tiwari Bitcoin
      • Russell Brand Bitcoin
      • Holly Willoughby Bitcoin
  • 온라인 카지노
    • 카지노에서 승리하는 방법
    • 카지노에서 블랙잭을 플레이하는 방법
    • 카지노에서 룰렛을 플레이하는 방법
    • 바카라 게임 방법
    • 카지노 카드 게임을 하는 방법
    • 온라인 카지노를 플레이하는 방법
    • 카지노에 무엇을 입어야합니까?
    • 카지노에서 크랩스를 플레이하는 방법
  • 스포츠 베팅
    • 야구에 베팅하는 방법
    • 축구에 베팅하는 방법
    • NFL 게임에 베팅하는 방법
    • 슬롯 머신에서 승리하는 방법
    • 스포츠 베팅은 어떻게 작동하나요?
  • 슬롯 머신
    • 가장 높은 지불금 슬롯 머신
    • 슬롯 토너먼트는 어떻게 진행되나요?
  • 온라인 베팅
    • 베팅 배당률은 어떻게 작동하나요?
    • 머니라인 베팅이 뭐야?
    • 슈퍼볼에 베팅하는 방법
    • 라운드 로빈 베팅은 어떻게 진행되나요?
    • UFC 경기에 베팅하는 방법
    • 매칭베팅이 뭐야?
    • 경마에 베팅하는 방법
    • 스프레드 베팅이란 무엇입니까?
No Result
View All Result
토토사이트
No Result
View All Result

NY Fed: Has Housing Bottomed? A Definite Maybe

admin by admin
July 18, 2012
in Uncategorized
0
0
SHARES
8
VIEWS
Share on FacebookShare on Twitter

Econintersect:  A study was just released today by Federal Reserve Bank of New York (NY Fed) that has the provocative title:  “Just Released:  Housing breaking-news-130pxCheckup – Has the Market Finally Bottomed?”  The key to their conclusion is the graph below.

This shows that the median county in the U.S. just passed the line defining positive year-over-year price change.  This is not the first time that has happened since the end of The Great Recession, but the previous excursion into this territory was produced by federal tax incentives that were offered temporarily over two years ago.

house-price-changes-distribution-by-county-NY-Fed-2912-July-17-400px

The authors of the report offer some cautionary comments right up front:

Over the past few months, some national housing market indicators have begun to look a bit brighter. As of May, the CoreLogic national home price index had risen three months in a row. While still at a relatively low level, housing starts now have a clear upward trend. These developments have led some analysts to declare that, after five years of generally declining prices and activity, the housing market has finally bottomed out. While the national statistics are encouraging, whether or not the housing market has bottomed out is actually a much more difficult question to address for a couple of reasons. First, the United States is not a single housing market but rather a collection of numerous local housing markets. Second, the health of a local housing market is determined by a variety of indicators in addition to prices.

In addition to tracking price history the author’s also tracked sales volumes.  They normalized these to sales in 2000-02 to avoid bias from the housing bubble.  They found that sales volumes are dramatically below those of the earlier period.  At the 75 percentile point in the data sales were approximately 70% of the volume in the reference period, which included all of the 2001 recession.  The 50 percentile data point had sales about 60% lower now and for the tenth percentile sales were 90% lower.

house-price-changes-distribution-by-county-NY-Fed-2912-July-17-map-580px

Note how widely scattered the red counties are around the country.  Likewise for the darker greens.  The saying that real estate has three important variables (location, location, location) is emphasized by the map.  You can be in metro New York or some areas in southwestern New England and be orange; you can be nearby in the New York Capital region, including Saratoga, Glens Falls, Lake George  and it’s all green.  A similar contrast between adjacent areas is seen in northern California, Florida and northern Indiana into southern Michigan.

The paper observes that distressed sales appear to have peaked in 2011 and they have an interpretation:

It appears that across the distribution, the distressed-sale share peaked in mid-2011 and has started to decline. Distressed sales may be akin to a patient having a fever—a defensive reaction that, while painful, speeds recovery—as unsustainable mortgages are withdrawn from the market. And the data may be indicating that the fever is beginning to break.

The conclusion does not make a very bold statement:

If these trends continue, then local housing markets are making progress in their convalescence. However, our analysis indicates that most local housing markets still have a way to go to achieve a clean bill of health.

Among the things that are not addressed in the study is the sudden decline in foreclosures entering the market over the past several months.  This has been a matter of concern to others who have looked at the data.  Some say the decline in foreclosure sales is not a sign of a decline in the foreclosure problem, but a slowdown in bank pursuit of forecloses.  In the video below real estate expert Keith Jurow discusses how small a fraction of delinquencies are actually entering foreclosure processing in the metro New York area.  He also points out that in some markets that he follows prices per square foot for houses has dropped over the last year far more than median or average prices.  He says that systems which track price only may be missing the severity of continuing valuation losses in some markets.

The video below is a presentation by Keith Jurow to the Financial Policy Council (New York) in June 2012.  Note: There is over four minutes of introduction before Keith starts his presentation.

keith-Jurow-video-Financial-Policy-Council-2012-June

John Lounsbury

Source:

  • Just Released:  Housing Checkup – Has the Market Finally Bottomed Out? (Joshua Abel, Richard Peach, and Joseph Tracy, Federal Reserve Bank of New York, 17 July 2012)
  • Searching in the Shadow Inventory For A Solution to the Foreclosure Crisis (Adam Geller, Huffington Post, 31 March 2012)
Previous Post

Understanding The Unemployment In America

Next Post

Ticker Sense July 16th Blogger Report Released

Related Posts

Bitcoin Blasts Off to $34K Amid Soaring ETF Hype!
Economics

Bitcoin Blasts Off to $34K Amid Soaring ETF Hype!

by John Wanguba
October 23, 2023
Crypto Enthusiasts Sound the Alarm as Bitcoin Surges to 3-Month High Just Shy of $31K
Economics

Crypto Enthusiasts Sound the Alarm as Bitcoin Surges to 3-Month High Just Shy of $31K

by John Wanguba
October 23, 2023
Addresses With Over 1 Bitcoin Surge To New Highs: Investor Optimism Soars
Econ Intersect News

Addresses With Over 1 Bitcoin Surge To New Highs: Investor Optimism Soars

by John Wanguba
September 29, 2023
Unlocking the Future: Google's Game-Changing Move to Advertise NFT Games Starting September 15th
Business

Unlocking the Future: Google’s Game-Changing Move to Advertise NFT Games Starting September 15th

by John Wanguba
September 8, 2023
Bitcoin Is Finally Trading Perfectly Like 'Digital Gold'
Economics

Bitcoin Is Finally Trading Perfectly Like ‘Digital Gold’

by John Wanguba
August 5, 2023
Next Post

Ticker Sense July 16th Blogger Report Released

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Browse by Category

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Browse by Tags

adoption altcoins bank banking banks Binance Bitcoin Bitcoin market blockchain BTC BTC price business China crypto crypto adoption cryptocurrency crypto exchange crypto market crypto regulation decentralized finance DeFi Elon Musk ETH Ethereum Europe Federal Reserve finance FTX inflation investment market analysis Metaverse NFT nonfungible tokens oil market price analysis recession regulation Russia stock market technology Tesla the UK the US Twitter

Archives

  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • August 2010
  • August 2009

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized
토토사이트

After nearly 11 years of 24/7/365 operation, Global Economic Intersection co-founders Steven Hansen and John Lounsbury are retiring. The new owner, a global media company in London, is in the process of completing the set-up of Global Economic Intersection files in their system and publishing platform. The official website ownership transfer took place on 24 August.

Categories

  • Business
  • Econ Intersect News
  • Economics
  • Finance
  • Politics
  • Uncategorized

Recent Posts

  • Bitcoin Blasts Off to $34K Amid Soaring ETF Hype!
  • Crypto Enthusiasts Sound the Alarm as Bitcoin Surges to 3-Month High Just Shy of $31K
  • Addresses With Over 1 Bitcoin Surge To New Highs: Investor Optimism Soars

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.

No Result
View All Result
  • Home
  • Contact Us
  • Bitcoin Robot
    • Bitcoin Profit
    • Bitcoin Code
    • Quantum AI
    • eKrona Cryptocurrency
    • Bitcoin Up
    • Bitcoin Prime
    • Yuan Pay Group
    • Immediate Profit
    • BitIQ
    • Bitcoin Loophole
    • Crypto Boom
    • Bitcoin Era
    • Bitcoin Treasure
    • Bitcoin Lucro
    • Bitcoin System
    • Oil Profit
    • The News Spy
    • British Bitcoin Profit
    • Bitcoin Trader
  • Bitcoin Reddit

© Copyright 2021 EconIntersect - Economic news, analysis and opinion.