New Census data slice the Big Apple into pieces

For lower-priced housing, head to a whiter shade of pale. (Click to expand.)

The U.S. Census Bureau released five-year American Community Survey (ACS) estimates for the first time yesterday, making available social, economic, housing and demographic statistics for every community in the nation.

Reeves, Tex., was among counties with the lowest median home value–$29,000–while Nantucket, Mass. was among those with the highest median–approximately $1 million.

Manhattan’s median grew from $449,800 in 2000,

Harvard housing report sees ‘eventual’ recovery

A sustained recovery for housing still faces an uphill climb, says Harvard’s Joint Center for Housing Studies in its annual report released yesterday.  To compare Harvard’s analysis with a variety of others, check out my forthcoming newsletter Friday afternoon.

“Although there are some signs of improvement or at least steadiness in new construction and sales, housing starts stand near 60-plus year lows, and any life in home sales is coming from distressed foreclosure sales, temporary first-time buyer tax credits and low interest rates that moved higher in recent weeks.” notes Center Director Nicolas P. Retsinas.  Adds Executive Director Eric S. Belsky: “The best that can be said of the market is that house price corrections and steep cuts in housing production are creating the conditions that will lead to an eventual recovery.  For now, markets remain under considerable stress.”

The Harvard University campus.

Meanwhile, the number and share of households spending more than half their incomes on housing continues to remain at elevated levels.