Even with mortgage rates as low as they've been all year, the combination of a stagnant employment market and a steady stream of foreclosures was blamed for the poor result.
According to S&P, in New York, property value went down 5.3% compared to one year ago.
In this depressed housing market, many people are having a really hard time selling their properties. It is NOT uncommon that it takes 8-10 months before one can sell his/her house.
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