New York home prices extend losses

By Adam Pincus | June 24, 2008 01:29PM

The New York metro area continued to show weakness in residential real estate as home prices lost another 1.3 percent in value between March and April, according to the latest figures from the S&P/Case-Shiller index, which excludes condos.

New York has dropped 8.4 percent in value over the past 12 months. Those losses are still far below the losses hammering Miami, which lost 26.7 percent in the same period. On average, the 10 markets have lost 16.3 percent over the past year, and 1.6 percent in the last month.

Boston, Chicago and Denver each showed positive growth, though they failed to grow beyond 1 percent in home values over the past month.

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