New York City property values down, but all is not bad in the Big Apple

A few months back, real estate in New York, New York, looked to be picking up speed. However, the recent S&P/Case-Shiller Index of property values found that the Big Apple lagged behind much of the rest of the nation. While property values in 20 cities rose 0.5 percent in June 2012 year-over-year, its first gain since September 2012, New York City's property values dropped by 2.1 percent compared to 2011.

"The New York region continues to show an erosion in prices over the past two years," local real estate expert Jonathan Miller told the Daily News. Miller goes on to note that the index does not include co-ops and condos and covers territory in Long Island, Westchester County, Fairfield, Northern New Jersey and a county in Pennsylvania.

While values remain low compared to other growing metro areas, the news does come with a silver lining. Prospective homebuyers who want to relocate to the Big Apple may be able to put down payments on properties that, if values increased, would not normally be in their price range. Therefore, making an investment in New York City homes is a worthwhile financial decision for any owner who has the means to do so.