Connecticut’s Gold Coast Leads Nation In Home Price Declines

Connecticut’s Gold Coast tarnished a bit on news that it is leading the nation in home price declines, as Wall Street trims jobs and bonuses that had driven multimillion-dollar property sales.

The median sale price of single-family houses in the Bridgeport-Stamford-Norwalk metropolitan area fell 12.9 percent in the second quarter from a year earlier, the steepest decline of the 147 U.S. metro areas tracked by the National Association of Realtors.

According to a report by Bloomberg News, the number of homes purchased within the state financed with conventional mortgages rose 8.4 percent in the first half, deals using jumbo loans for pricier properties slid 9.4 percent, according to the Warren Group, a real estate tracker.

Read more of the Bloomberg story here.