House price declines in the New York City metropolitan area have so far been "tame compared with those in the rest of the nation," say Moody's Economy.com analysts in a report. In the Edison and Newark, NJ division and the Nassau-Suffolk, NY and New York City division, single-family house prices have declined 10% to 11% from their peaks in early 2006.
This is about half of the national decline to date, although the corrections are "less than halfway through." The condominium market, which makes up a significant share of NYC's housing stock, has seen no declines in prices yet, but the ongoing financial market turmoil and deepening recession all but ensures that "this stability will not last."
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