Not surprisingly, S&P announced yet another month of record home price declines. The New York metropolitan area suffered a Year over Year decline in January '09 of almost (9.6%) down from (9.1%) Year over Year in December '08.
According to the Case-Schiller raw data, this brings New York Metropolitan area prices back to October 2004 while the rest of the country is back to September 2003. Is lower Manhattan in 2004? We think not. Based on Streeteasy.com data, it looks like most apartments south of 14th street are still in 2006 or even 2007 territory. More to fall? We think yes.
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