Prices of houses in New York City, including regular homes, bank foreclosed dwellings and residential government tax lien properties for sale, went down in New York City in March 2011 compared with one year ago. The inventory of for-sale homes, on the other hand, jumped higher over the same period.

The prices of foreclosed homes in Bronx and non-distressed houses in other boroughs of New York City declined during the third month of the year by 2.5% to $389,000 compared with March of last year. Meanwhile, the supply of for-sale residential properties jumped in the city in March 2011 compared with last year, totaling 26,022. The figure represents a rise of 19.6% compared with the same 2010 month.

Although the housing market of the region remained relatively healthy compared with other U.S. metros, foreclosure homes in New York still bother the area. The same thing is happening nationwide, with most housing industry analysts asserting that the decline in foreclosure actions during the first three months of the year was nothing but a temporary lull caused by delays in processing among lenders. For the first quarter of 2011, foreclosure activities in the whole U.S. dipped by 27% compared with the 2010 first quarter.

The number of bank foreclosures and government tax lien properties for sale nationwide during the initial quarter of 2011 was the lowest level they have ever been in three years. However, analysts expect numbers to rise again in the coming months as banks come to terms with tighter processing rules and start working through their backlogs. Analysts further added that the nations housing market will continue to struggle, mainly because of lack of demand for residential properties and decreasing housing prices.

In March of this year, the median listing price of non-foreclosed and foreclosure homes at the national level was $199,500, representing a decrease of 25% compared with March of last year. Although foreclosure filings declined from one year ago and also dipped by 15% from the previous quarter nationwide, figures still showed that one household out of every 191 residential units in the U.S. was under some form of foreclosure during the quarter.

The rest of 2011 will be a difficult time for the countrys housing sector, analysts have predicted. They claimed that bank foreclosed properties and government tax lien properties for sale will continue to rise, with this years figures possibly overshadowing foreclosure totals recorded last year. Any possibility of improvement will have to wait until 2012, analysts further asserted.

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