We noted earlier that real-estate in the northeast–and in New York City especially–hasn’t fared nearly as badly as many other places in the country.
Specifically, NYC real estate is now down 21% from the peak, according to the April Case Shiller index. That compares to 54% in Phoenix.
Ah, but there’s a catch. Phoenix real estate has fallen so far so fast that the rate of collapse is finally beginning to decelerate.
Not so, NYC.
In April, the NYC price decline accelerated to 13% year over year, a new record for this cycle. And it will probably continue to accelerate, en route to at least a 40% total decline.
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