Sat, 30 Jan 2010 18:48:05 +0000

Send 'em this...

http://tinyurl.com/y8k6msc

"House Price Recovery Just A Head Fake, Says Alpert, Especially In New York

In the second half of 2009, house prices staged a surprising recovery, leading many to conclude that the housing bust was done.

Keep dreaming, says Dan Alpert of Westwood Capital.

The rise in the second half of 2009 was mainly the result of pent-up demand combined with a tax-break, subsidized mortgage rates, and other incentives. The housing market is still awash in excess inventory, and Alpert says this will eventually drive prices down to 8%-10% below the lows of early last year [much worse for NYC - BHO].

The good news?

House prices should bottom this year and then begin to recover. Also, for the hardest hit areas, such as those in California or the sand states, the bust is probably over. Prices have fallen so far in those areas that Alpert thinks they're bottoming now.

So where is the sky still falling?

Places where price-to-rent ratios are still well above historical norms [like 10x annual? - BHO], such as New York City.

A staggering amount of excess inventory means the housing crash in NYC is alive and well, Alpert says."

Don't worry, slopegirl! Your taxes will fall tremendously over the next few years.

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 28, 2010 4:29 PM

London flies with the FTSE +2.16%, which marks the breaking share deli 6600 points. They fly all titles Tmt like Vodafone which marks +3.89%, while Psion goes to +18%. Well well all securities, oil and the price of oil has shot up.