Northern New Jersey Home Prices Still Shaky

Home prices dropped 3.1 percent from February 2010 to February 2011 in the New York metropolitan area, which includes North Jersey, the Standard & Poor’s Case-Shiller index reported Tuesday. Nationally, prices declined 3.3 percent.

What it means: Prices and the number of sales have fallen dramatically in real estate since the housing boom of the mid-2000s. With tighter mortgage standards and high unemployment, potential buyers can’t purchase homes. At the same time, foreclosures and other distressed sales have risen, pushing more low-priced housing inventory onto the market.

Nationally, prices have declined 32.6 percent since the market peaks, and are back to the levels of summer 2003. In the region, prices have declined 23.5 percent and are back to the levels of winter 2004.

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