In the first quarter, home prices were down 2.5%, the largest quarterly decline since late 2008. Home prices have declined 5.5% compared with the first quarter of 2010, The Federal Housing Finance Agency (FHFA), says.
This is because deeply-discounted foreclosed properties are flooding into the market, raising the inventory level.
According to FHFA, in New York State, the housing price has fallen 3.1% in the first quarter since the same time in 2010.
Obviously, we are having a hard time in New York City locally as well.
If you need to sell your house in this environment, most likely it would be very tough. You can list your house with a realtor, but it may take 8-10 months to have it sold.
However, if you really must sell very quickly, there is always a way.
For more details, please visit our website.
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