As home prices went up a little nationally last year, the New York Area was the ONLY region where prices fell, the Standard & Poor’s Case-Shiller Home Price Index reported last week.
Home prices in NY area has dropped 0.5 percent in December 2012 since one year ago, the Index said.
The recent decline in home prices is due to the high unemployment rate in New York City, which is higher than other parts of the country: Especially the higher jobless rate in the finance sector.
In addition, NY has a large backlog of distressed properties . Once those foreclosed properties hit the market, they must sell at a steep discount, which is pulling down the prices in the area so hard.
That means that the NY housing market is still in a very tough situation: And it is hard to Sell Your House.
However, there is still a way to Sell Your House for CASH Fast. Please see our main website for more details.
