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Home prices in the New York metro area, including Westchester County and northern New Jersey suburbs, could fall 40% from March levels, according to Deutsche Bank analysts. Quoting the report, Time.com said that the main reason why prices are likely to fall so drastically is that the area’s home prices are still so high.
Unlike other pricey cities, such as Los Angeles, New York home prices only began falling recently and might have a long way to go.
If this report is true, it might be time to sell your Manhattan co-op and find a nice pad in California where the housing market is probably much closer to a bottom.
BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.