NYU’S FURMAN CENTER NEW YORK CITY QUARTERLY HOUSING REPORT FINDS MARKET STILL SHOWING SIGNS OF DISTRESS
New Report Finds that Home Prices Outside of Manhattan are Still in Decline, but Foreclosures are Down Citywide
New York, NY – February 25, 2011 – (RealEstateRama) — The Furman Center for Real Estate and Urban Policy’s Quarterly Housing Update analyzes six key indicators of housing market performance, based on a variety of administrative data sources.
In the fourth quarter of 2010, the Furman Center found that the volume of home sales and housing prices continued to decline compared to the previous year. Sales volume dropped by 15 percent between the third and fourth quarters of 2010, and almost 33 percent from the fourth quarter of 2009. Citywide, prices remain almost nine percent below the same quarter in 2009, and 28 percent lower than they were at the peak of the market.
While prices appear to be stabilizing in Manhattan, they continue to decline in the other boroughs, particularly in Queens. “Queens has been hard hit by the housing market slow-down, and is yet to show signs of a turn-around,” said Vicki Been, faculty director of NYU’s Furman Center for Real Estate and Urban Policy. “Housing prices in Queens were down 42 percent compared to their peak, and 20 percent compared to the fourth quarter of 2010.”
Foreclosures continued to slow during the fourth quarter of 2010, with 32 percent fewer foreclosure notices issued in Q4 2010 compared to Q4 2009. “In every borough except for the Bronx, there were fewer foreclosures in the fourth quarter of 2010 compared to the previous quarter and the same quarter of the previous year,” said Ingrid Gould Ellen, faculty co-director of the Furman Center. “Staten Island experienced the sharpest decrease in foreclosure notices, with a 43 percent reduction in the fourth quarter of 2010 compared to the same quarter of 2009.”
The Quarterly Housing Update is unique among New York City housing reports because it incorporates sales data, development indicators, and foreclosures. It also presents a repeat sales index for each borough to capture price appreciation while controlling for housing quality. This publication is available on a quarterly basis, and provides comparison data from the previous quarter and the same quarter in the previous year.
About the Furman Center for Real Estate and Urban Policy
The Furman Center for Real Estate and Urban Policy is a joint center of the New York University School of Law and the Robert F. Wagner Graduate School of Public Service at NYU. Since its founding in 1995, the Furman Center has become the leading academic research center in New York City devoted to the public policy aspects of land use, real estate, and housing development. The Furman Center is dedicated to providing objective academic and empirical research on the legal and public policy issues involving land use, real estate, housing and urban affairs in the United States, with a particular focus on New York City. More information on the Furman Center can be found at: http://furmancenter.org
caitlyn.brazill (at) nyu (dot) edu
- NYU FURMAN CENTER NEW YORK CITY QUARTERLY HOUSING REPORT REVEALS HOUSING MARKET APPEARS TO BE STABILIZING
December 1, 2010 - (RealEstateRama) -- NYU’s Furman Center for Real Estate and Urban Policy released, for the first time, a quarterly update on six key indicators of housing market performance, based on a variety of administrative data sources....
- New Report On New York City’s Building Boom Finds 170,000 New Units Built Between 2000-2008—More Than Two and a Half Times The Amount Built In Previous Eight Year Period—Many in Areas of the City That Hadn’t Seen Large-Scale Building For Some Time
New York, NY - March 25, 2010 - (RealEstateRama) -- A new report released today by NYU’s Furman Center for Real Estate and Urban Policy provides an in-depth look at the City’s recent building boom. The report, the State of New York City’s Housing and Neighborhoods 2009, also examines the state of mortgage lending in the City, highlights the...
- Stribling State of the Market Report Cites Signs of Stabilization in Third Quarter 2010 Residential Real Estate Market
New York, NY - October 26, 2010 - (RealEstateRama) -- “If we are in a recovery, which it appears we are, I must note that this has been from the bottom up versus the top down. Happily, we seem to have stabilized and so the news is good for New York City,” stated Elizabeth Stribling, president of Stribling & Associates....
- New York housing market finishes strong in ’09 fueled by solid second half
Albany, NY - January 25, 2010 - (RealEstateRama) -- Fueled by a recovery in the second half of the year, statewide sales of existing single-family homes in New York State rebounded from a double-digit deficit in the first half of the year to finish only 3.2-percent behind the 2008 total....
- New York housing market saw June increase
Sales of existing single-family homes in New York in June showed a more than 17 percent increase, compared to May 2007, and a nearly 9 percent increase in statewide median sales price when compared to the previous month, according to data from the New York State Association of REALTORS. The June sales total of 9,381 [...]...
- At Gillibrand & Schumer’s Urging, Feds Lift Restrictions for Hundreds of Sandy Homeowners Currently Disqualified for Disaster Aid
- New York Real Estate Executive Robert White, Jr., CRE, Receives Prestigious Award from Industry Group
- NY’s Urban Post Disaster Housing Prototype Named MBI’s November Building of the Month
- New housing and services lift veterans in the Bronx
- NYU CUSP UNVEILS FIRST-OF-ITS-KIND ‘URBAN OBSERVATORY’ in DOWNTOWN BROOKLYN
- New York and Ohio to Use Uniform Mortgage Test; 43 State Agencies Now Using the Test
- NYCOM Conference, Ribbon Cuttings and Equity Fund Forum Highlight Trip to Finger Lakes Region
- CKX Declares December 31st Record Date for Dividend of FX Real Estate and Entertainment Shares
- Jones Lang LaSalle Hires Seasoned Industrial Real Estate Professionals to Strengthen Client Services in Long Island
- First Affordable Housing Development in Brooklyn with Solar Panels
- “Green” Forum Highlights 545 Madison Avenue as Showcase of Sustainability
- New York State Senate Confirms Bill Myers to the Board of the State of New York Mortgage Agency
- New York State home sales continue to post gains compared to 2009
- Gillibrand Introduces Solar Energy Legislation
- HDC Board Approves $55.5 Million in Tax-Exempt Multi-family Housing Revenue Bonds
- Diversity Works’ Unique Model Combines Permanent Supportive Housing and Family Preservation Services