Oh no!
I just read a news report that the average price of a house in Long Island's tony Hamptons resort area has finally started to fall. While the "average" price really does not reflect the higher end of this mostly high end playground, it did finally move lower.
No, 500K to 490K is no big deal in this price range but what is a big deal is that it fell at all. Perhaps all those layoffs on Wall Street are finally having an affect. Too bad a lot of those jobs are on the lower end of the pay scale (clerical, administrative and assorted staffers) and the Hamptons indicator (I just made that up) does not reflect the real economy made up of "regular" people.
4 comments:
That's consistent with the information I am getting regarding foreclosers hitting the jumbo segment at an increasing number.
I know many Europeans who are now shopping in Florida for summer houses - prematurely, I think.
Cool foreclosure map of L.I.
and check out Atlanta and Denver and ... well, all the ugly red bits..
check price approximations here:
http://www.zillow.com/search/RealEstateSearch.htm?dg=dg2&addrstrthood=&citystatezip=east+hampton+%2C+ny
Whew! I was starting to worry about all that economics talk. Something to do with banks and the economy. Good thing the Dow is now back above where it started this year. Now I can go back to driving my Hummer and buying stuff with my credit card. The folks on CNBC are saying I should buy stocks. Guess I should. They must know what they are talking about.
Never confuse the stock market with the economy. While the economy will eventually follow the stock market's major path (nine or so month delay) the two can diverge longer than you can fight it.
See next blog post.
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