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Fewer Underwater NY Homeowners Than National Average
November 9, 2009 by Neil · Leave a Comment
The percent of families in the region who owe more money than their single-family homes are worth decreased during the third quarter, according to a new industry report. In the New York metropolitan area, according to Crains, 12.2% of families in single-family homes were in so-called negative equity during the third quarter, down from 14.2% from the earlier quarter, according to the latest Zillow Real Estate Market Report. Some analysts estimate that about half of all homeowners nationwide will have mortgages that exceed the values of their homes.
The New York metropolitan statistical area is another with positive month-over-month gains. The market reported 5.6% annualized depreciation, but was up 0.3% from August, and has now seen four months of positive monthly appreciation. Of course, the New York metro numbers mask the continued slump being experienced in Manhattan, where home values were down 17.4% from last year and dropped another one percent from August levels.
These conclusions are as reliable as the data: Zillow estimates a 3-bedroom single-family home in the New York metro area to be a hair under $400,000. Anyone familiar with Manhattan residential real estate would think this was a bargain — in 1963. Don Draper would prefer that to a long-term stay at the Pierre.
New York may be better insulated than the rest of the country from falling real estate prices. It is not immune.
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