The sky is falling! The sky is falling!

In today’s New York Times, reporter David Streitfeld discovers that a number of others, including me, have been saying for months: Home prices and sales could continue to decline.  The way the article is written would lead–and doubtless will lead–readers to believe that the sky is falling.

Yes, it’s undeniable that many variables could change the anemically recovering housing market.  Among them are consumer confidence, unemployment rate, inflation, mortgage rates and a rise in the rate of foreclosures. Continue reading

Manhattan rents were generally flat in October

Rents, which generally decrease in the fall, were relatively flat this month, but the Real Estate Group of New York reports that prospective tenants seemed to be pushing up prices in trendy neighborhoods such as SoHo and TriBeCa.

On average, Manhattan rents were off approximately a half percent from September, and supply was rising again.  Inventory in Manhattan went up 1.72 percent, posting the first significant increase in vacancies in six months.  The biggest month-to-month change was in doorman studio units, which increased 2.09 percent.   (You’ll find much more on the Manhattan housing market in my free bi-weekly e-newsletter.)

The Real Estate Group of New York rent report

The charts above are taken from the Real Estate Group's report.

Inventories are back on the rise. Continue reading