The value of a home in Queens fell the most

A rare bit of bad news for New York City homeowners: according to a fresh report from NYU's Furman Center on Real Estate and Urban Policy, housing prices across the city depreciated in the third quarter of 2011 compared to the same time last year. The Bronx was worst hit — home prices in that borough have depreciated by 7.5 percent compared to 2010. The only bright spot is Manhattan, where values are slightly up from this time last year.

Sales volume is also lower in the third quarter of 2011 (again, compared with the third quarter of 2010). This time, Queens experienced the greatest decline in sales. But builders are building again—the number of new building permits increased marginally citywide:

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