Report: New York State residential property values increased

According to a recently released report by First American CoreLogic, New York State had five areas listed among the nation’s top eleven core based statistical areas with the highest home price appreciation: Binghamton (number two on the list is with a 7.78 percent increase), Amsterdam (number three on the list with a 7.89 percent increase), Malone (number four with a 7.60 percent increase), Auburn (number eight with a 6.51% increase) and Elmira (number ten with a 6.28% increase).

National housing prices fell 11.1% from a year ago, according to the report. As of the end of 2008, the total value of residential properties was $19.1 trillion, down $2.4 trillion from $21.5 trillion in December of 2007.
 
Home price declines have accelerated the last few months due to the rapid geographic diffusion, First American Corelogic reports. As of December 2008, nearly three-quarters of all metropolitan markets were experiencing home price depreciation, up from 254 markets in December 2007 and 394 markets in June 2008. The number of metropolitan markets experiencing price declines is by far the highest ever.