Another exception is New York. Prices in New York are only off 11.4% even though New York is part of the Zoned Zone. New York had a price bubble, but until recently prices had held up pretty well. This probably means New York house prices will decline by a larger percentage over the next year or two than other bubble areas …
Calculated Risk is talking about New York City, not New York State. Still, it has amazed me how well New York State real estate prices have held up compared to the rest of the country. Many places in upstate New York have not even seen as big as drop in prices as New York City has.