According to the S&P Case Shiller Home Price Index (January 2010 – Released yesterday), aggregate prices have now fallen for the past 5 months in the NY Metro Area. It appears we may be moving towards a double dip scenario if the trend continues. There is a high likelihood of this occurring as housing stimulus is removed from the market. Almost all of the month to month recoveries seen between April and July of 2009 have been eliminated.
The NY Metro area continues to underperform.
Year over Year
Aggregate (Overall Market) – Prices have fallen an additional 5.3%
Low Tier (Under $284999) – Prices have fallen an additional 7.7%
Middle Tier ($284999 – $430496) – Prices have fallen an additional 5.1%
High Tier (Over $430496) – Prices have fallen an additional 4.7%
Condos – Prices have fallen an additional 6.4%