It will take more than a decade to clear up all the shadow inventory in the residential real estate market in New York state, according to new report released by Standard & Poor’s Ratings Services.
That is more than three times longer than it will take the rest of the nation, a difference that the report largely attributes to the greater time it takes to foreclose on a property in New York.
According to the report, shadow inventory in Brooklyn will take the longest to unwind at more than 17 years. Bronx was close behind at 16.5 years, and Staten Island recorded 12 years. Manhattan fared the best, coming in at a little more than eight years.
Unlisted Upper East Side home finds buyer for. . . $47 million
A grand East Side townhouse that has been quietly shopped by its owners for three years is under contract for more than $47 million, further evidence that the top-end of the Manhattan market is soaring.
Sales activity in the second half–as measured by number of sales, median sale prices, average number of days on market and the number of Manhattan apartments on the market–settled comfortably into historic 10-year ranges, according to two separate market reports in Crain’s New York.
Despite a busy market for trophy properties, the pace of sales and median prices of Manhattan apartments slipped during the fourth quarter, the Wall Street Journal observed.
The number of sales fell by Continue reading
1. New jobless claims filed last week fell to their lowest number since January in data released yesterday, though 512,000 individuals were newly out of work. Yet the number is down from the 700,000 and 800,000 weekly numbers during the depths of this recession. Of course, it is not irrelevant that the unemployment rate is topping 10%.
2. U.S. business productivity grew at its fastest clip in six years in the third quarter. The Labor Department said on Thursday that productivity surged at a 9.5 percent annual rate, the quickest pace since the third quarter of 2003.
3. The Dow increased 203.82 points, or 2.1 percent, to 10,005.96 at 4:01 p.m. in New York for the biggest advance since July 23. The Standard & Poor’s 500 Index rose for a fourth day, adding 20.13 points, or 1.9 percent, to 1,066.63. And more than nine stocks gained for each that fell on the New York Stock Exchange.
4. Expansion and extension of the home buyers tax credit. (See previous post.)
5. Finally, envious though we may be, top producers on Wall Street are looking forward to blowout paydays once again, somewhat diminishing the prospect of a wan real estate market in Manhattan next year. Continue reading