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How credible is Case-Shiller to NYC?

From The Real Deal

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Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article. By GABBY WARSHAWER NEW YORK -- While there is no question that the Standard & Poor's/Case-Shiller 20-city housing index is an influential measure of the country's shifting real estate fortunes, some New York-based number-crunchers argue that it says almost nothing about the city's -- particularly Manhattan's -- real estate reality. Still, New York City publications often cite the index (one recent story ran under the headline "Housing Index: New York home prices decline 10 percent"). "Case-Shiller is an index of single-family homes, and it's terrific for measuring housing markets that are heavily concentrated with single-family homes," said Jonathan Miller, president and CEO of appraisal firm Miller Samuel, which itself produces widely referenced market reports for New York City. "But it doesn't include co-ops ...