Wednesday, November 30, 2011
Housing slump hits Queens hard
From the Daily News:
Queens homeowners are feeling the pain of the housing slump.
The volume of home sales in the borough fell by 9% in the third quarter, compared with the same period last year, according to a report from NYU’s Furman Center for Real Estate and Urban Policy.
The decline exceeded the drop in home sales citywide, which measured 4%.
Queens also stood out when it came to declining property values. Prices in the borough have depreciated 30% from their peak levels, which were reached in the fourth quarter of 2006.