From the Record:
Home prices in the New York metropolitan area, including North Jersey, dropped 2 percent in the 12 months ended in October, the Standard & Poor’s Case-Shiller index reported Tuesday.
Nationally, home prices dropped 3.4 percent.
Home prices in the region are back to the levels of spring 2004, and are about 22 percent off their mid-2006 peaks, while national prices have returned to the levels of mid-2003, and are 32 percent off their 2006 peaks.
Home sales and prices have been under pressure from a slow economy and high unemployment. Potential buyers are also concerned that prices may be pulled down further by distressed sales, which are expected to hit the market once the foreclosure pipeline gets moving again after last year’s “robo-signing” reports.
Single-family homes in Bergen County sold for a median $380,000 during the month, down 14.4 percent from a year earlier, while the number of sales dropped 3.3 percent. Home prices declined 18.6 percent in Passaic County, to a median $245,297, as the number of sales plunged almost 20 percent.