Housing Crisis Bears Down on New York Town
Many mature housing markets, such as those in the northeastern U.S., have been spared the dramatic drops in prices seen in Florida, Nevada, Arizona and other areas that experienced massive overbuilding during the recent real estate boom and bust.
Still, there are pockets of devastation to be found -- few more evident than Mount Vernon, N.Y., which lies just north of New York City. In 2007, before the bursting of the real-estate bubble, the median price for a home in this working-class city of 69,000 was nearly $510,000, according toMoneymagazine's annual listing of Best Places to Live. Following the deep recession and mortgage crisis, however, today the median price is around $310,000 -- a decline of 37%.
A Neighborhood Suffers
As is true in many U.S. cities, certain neighborhoods have been affected more than others. A recent survey of completed sales in a roughly 12-block area of south-central Mount Vernon (see the map below) during the past four years reveals just how acutely parts of the city have been affected.
Read more at DailyFinance.com.