Philadelphia Area Real Estate Down to 2004 Levels

Philadelphia Real EstateA new annual survey from the real estate Web site Zillow shows many homeowners in the Philadelphia area lost a lot of home equity in the past year.

Parts of South Jersey and Delaware were hit especially hard in 2010. For example, Salem, N.J., saw an average home sales price drop of 29 percent in the past year.

Overall, home prices fell about 9 percent for the region in and around Philadelphia. On average, Zillow says house values gave fallen 17 percent for the entire region since 2006. Prices are now where they were in November 2004 for the region.

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