A break for Bergen sellers

According to The Bergen Record, Bergen County prices are holding up better than other areas of the country although foreclosures and inventory are up, causing property value to come back to 2005 levels.

Median home prices dropped 2.4 percent in Bergen County and 8.1 percent in Passaic in the first quarter of 2008, compared with the same period a year ago. That compares with a nationwide drop of 7.7 percent, according to price data released Tuesday.

“You’re getting better value for new construction than for resales,” Somerville said. “Builders have no choice but to sell. They’re sitting on inventory they can’t afford to keep.”