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.
At Gay Realty Watch, we look for news to share with you about the gay real estate market – both lgbt real estate news and news specific to gay and lesbian real estate meccas.
If you have a gay real estate story that you’d like to share with us, contact us at [email protected]