I have had the pleasure of providing a monthly chart for the Economic Spotlight section of Crain’s New York Business magazine since September 2003. Here is the latest, which appears in the current issue of Crain’s New York Business.

Source: Crain’s New York Business

Go here for a complete archive of my Crains’s New York Economic Spotlight charts that have been published. They are organized by year.


2 Responses to “Crains New York Business Economic Spotlight Chart – November 2008”

  1. Edd Gillespie says:

    Your observation that the ability portion of the eal estate transaction demand side being eroded by financing chaos and thereby further depressing prices is one that is instinctive. I would like to find a link to some market info. to support the conclusion that the availability of money influences prices. In an effort a year or so ago to build my own crystal ball, I reasoned that interest rates may act much in the same way as money floods and draughts, but I researched that issue to see if anybody had done the work to see if that is true. I found a paper writen by some Harvard (given time I could find it once again and tell you who they are) researchers that concluded there IS NOT a statistical connection between interest rates and house prices. I know from my own obvservations that the availablility of money and only money played in this market to drive prices above ordinary inflation. That leaves me with salesmanship or “consumer confidence” (which seems to be a euphanism for spend-thrift) or both to explain run away real estate prices. Do you find any empirical evidence to link financial melt-down and depressed real estate prices (more so than the economy in general)? Where is the study?

  2. JDallas says:

    So finally the Manhattan market is feeling the pinch. I felt they would, seeing how the decline for the property by Americans was picked up by foreigners. However, in a worldwide credit crunch NO ONE has any money. Therefore demand softens and the prices must come down to reflect that.