According to the S&P/Case-Shiller home price index, prices in the New York metro area are up just 0.6% in May from April and down 2.8% from a year ago. Prices in urban and rural markets have been hit the hardest; affluent areas are generally improving. During the first quarter 8.4% of all New Jersey homes with a mortgage were in foreclosure, the second highest percentage in the country after Florida.
Wall Street Journal July 31, 2012
