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Best Market Analysis Tool Yet: The Broker Depression Scale

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Last week's third-quarter reports put a happy face on the latest Manhattan real estate market numbers, but brokers have been harboring a deep, dark secret: They're all pretty bummed out. Appraiser and Curbed graph guru Jonathan Miller, on his Matrix blog, has graphed the recent results of marketing service Point2's Real Estate Confidence Index, a survey of brokers across the U.S. and Canada about how they feel about current and future market conditions. The subjective answer: Not so good! Especially since the expiration of the homebuyers' tax credit. But forget nationwide trends, how depressed are the locals?

Point2's R.E.C.I. map breaks the survey results down by state, on a scale of 1 ("How much for that noose in the window?") to 10 ("Do you have anything more expensive than a Rolls Royce?"). New York currently scores a 4.46, which looks like the middle of the pack. What are you so smiley about, North Dakota? Broken down further, the current market gets a 3.92 score, the near-term confidence (next 3-6 months) is 4.21, and long-term confidence among brokers is a downright peppy 5.26. Or maybe that's just their blood-alcohol level?
· Real Estate Confidence Index [Point2]
· [The Real Estate Confidence Index] September 2010 [Matrix]