New York Housing Report - thebubblebuster.com

SUMMARY HISTORY PEAKS & TROUGHS FORECASTS

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The record growth of prior years slowed in 2006 as New York posted real median price gains of about $15K. The housing boom has been aided by continued job gains and historically low mortgage rates. However, price growth began generating a concern in the middle of 2005 as affordability levels begin to exceed local historical norms as during the prior Northeast bubble. Consequently, nominal and real prices should be expected to decline towards the historic level of mortgage debt servicing cost.

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Year	Nominal Price History	Nominal Price Growth	Real Price History	Real Price Growth	New York Mortgage-Debt-to-Income Ratio	National Mortgage-Debt-to-Income Ratio
2001	$271,100	11.4%	$308,900	7.9%	24.3%	17.8%
2002	$308,100	13.6%	$337,800	9.3%	25.8%	17.5%
2003	$347,600	12.8%	$371,000	9.8%	27.9%	18.3%
2004	$400,700	15.3%	$416,900	12.4%	30.7%	19.6%
2005	$462,100	15.3%	$471,600	13.1%	35.6%	22.6%
2006	$486,100	5.2%	$486,100	3.1%	38.5%	21.7%

NEW YORK, NEW YORK - Q4:2006