U.S. housing slump has hit New York City's richest suburbs

MLS: The average price in Westport, Connecticut, fell 8.2% to $1.56 million in Jan.-April 2007, from Jan.-Apr. 2006.... In Chappaqua, New York… properties sit on the market an average of seven months before they sell, up from five months a year ago… The tightening of credit in response to rising subprime defaults has disrupted the real estate food chain… Prices fell as much as 18.8% this year in areas of… New Jersey, Connecticut and New York's Westchester County… Larchmont and Mamaroneck experienced a drop of 18.8% to $1.08m… In Bronxville, the slide was 12.4% to $1.34m. Home prices continue to climb in the wealthiest California suburbs, at a much slower pace.

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