Apartment prices fell by more than 20 percent and co-op prices were down 27 percent in New York last quarter, compared to a year ago. Condos faired a bit better, dropping just four percent in value.
But the basement bargains didn't help turnover -- Halstead Property says that homes stayed on the market 18 percent longer than they did a year ago. And to add insult to real estate injury, sellers dropped asking prices for existing listings by about nine percent last quarter.
Not everyone is having the property ladder swept out from under them, though. Our cheeky friends across the Atlantic actually posted a slight gain in home prices last month. The average home price in Britain rose by 0.9% in March.