As of the second quarter, home values in the New York area have fallen back to 2004 levels and were down 21% from their peak in June 2006, according to Zillow's Real Estate Market Report released Monday.
The average price for a home in the New York metropolitan area stood at $363,200 in the second quarter of 2010, down 2.1% from the year-earlier period. More than half of homes in the area--56.6%--decreased in value in June from year-earlier levels, while more than a third--34.7%--increased. What's more, the report shows that 17.6% of all homes sold in June sold for less than their owners paid for them.
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