North Jersey’s lower-priced neighborhoods were hit harder by the housing downturn last year, as home values plummeted by 9.1 percent in Passaic County, while Bergen County saw a milder 1.9 percent drop.
The split reflected higher rates of foreclosures and unemployment in lower-income areas, as well as tighter mortgage standards for marginal buyers.
Bergen County’s median home value was $412,000 last year, while Passaic’s was $294,000, according to an analysis of sales data by The Record. Home values in the region have declined 15 to 20 percent since they peaked in 2007, and are back to the levels of 2004.
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