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Thursday, September 6, 2012
New York City 50% Home Price Drop Predicted
Home prices in New York City and Long Island are predicted to drop by as much as 50% over the next three years, according to the latest updated analysis from real estate analyst Keith Jurow.
I have previously written at length about the problems continuing in the real estate market. Keith Jurow has found evidence of the magnitude of delinquencies and defaults in the seven-county downstate New York City metropolitan area. One wonders if the same trend is occurring in New Jersey (which is also a judicial foreclosure state like New York).
I am on the board of directors of a nonprofit financial think tank the Financial Policy Council. Dr. Jurow spoke before the FPC in June and provided much of this information (which has since been updated). I urge readers and opinion leaders to consider not only attending, but sponsoring, future FPC events in order to access cutting edge or breaking information from top economic, business and political leaders.
Eric Dixon is a New York corporate and investigative attorney currently consulting on a major litigation involving a Too Big To Fail bank.