Philly-area home prices fell faster than US avg in 2011

Home prices in Pennsylvania and New Jersey fell more than 1% on average during the fourth quarter, a bigger drop than in the U.S. as a whole, the Federal Reserve Bank of Philadelphia reports here.

The Philadelphia-area drop was 2.5%. For all of 2011, home prices fell faster in Pennsylvania, New Jersey and Delaware than nationally, though Delaware prices, which have fallen more than in the other states in the late recession, started to rise in the last three months of the year.