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How credible is Case-Shiller to NYC?

From The Real Deal
Published on Apr 16, 2010

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by CareyBot

NEW YORK -- The words may change, but it's always a variation on the same tune: Every couple of months, someone sings the song of Case-Shiller, the widely cited home-price index. The question for New Yorkers is whether it's a local theme song.

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.

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