They're back. After a nearly yearlong hiatus triggered by the brief "robo-signing" crisis, banks are moving foreclosure proceedings forward again. And during the 10 months or so that lenders halted foreclosures to check on the validity of each individual loan, more borrowers have defaulted, boosting the backlog of properties and threatening a long-hoped-for recovery for Long Island's flagging residential real estate market. Housing analysts say there is now a 14-month supply of bank- owned homes that needs to be absorbed, with more on the way. That's on top of the 14- to 17-month supply of nondistressed homes already listed for sale, according to the latest statistics from the Multiple Listing Service of Long Island.
The declining real estate market has turned back the clock on Long Island housing prices. Homes are now selling for prices last seen around 2003, and some say they've yet to bottom out. Off nearly 25 percent from the peak of the market in mid-2006, the median price of homes sold in Suffolk County last month was $320,000, according to statistics from the Multiple Listing Service of Long Island. In Nassau, the median home price was $405,000 last month, down nearly 20 percent from its high.
The Long Island housing market had a good May, with sales and prices both up slightly. There were 1,839 homes contracted for sale in Nassau and Suffolk counties last month, a three percent gain over April, when 1,780 homes were put into sales contracts, according to statistics from the Multiple Listing Service of Long Island.
Sales of Long Island homes were up about 7 percent in July compared with last year, according to numbers from the Multiple Listing Service of Long Island. There were 1,752 homes contracted for sale in Nassau and Suffolk counties last month, 115 more than were sold in July 2010.
After 2010's brief sales rally aided by the first-time homebuyer tax credit, the struggling Long Island housing market is back to the new normal, as supply continues to outpace demand and prices remain weak. Brokers say that crippling combination has scared potential homebuyers, already paralyzed by too much choice and they're anticipating prices to dip even lower. There were 6,044 homes contracted for sale in Nassau and Suffolk counties in the first four months of this year. That's 23 percent fewer than the 7,859 sold in the same four months in 2010 and about 5 percent more than the 5,751 sold during the same time in 2009, according to statistics from the Multiple Listing Service of Long Island. However, the 2010 number is skewed, brokers say, because of the rush to beat the April end ...
Home sales on Long Island were flat in October as compared with last year, but home prices continue to slide. There were 1,537 homes contracted for sale on Long Island in October, 11 fewer than the 1,548 home that were sold in October 2010, according to numbers from the Multiple Listing Service of Long Island.
The number of home sales on Long Island was flat in November, virtually unchanged from a year ago, as prices sunk lower than 2010 levels. There were 1,457 homes contracted for sale in Nassau and Suffolk counties last month, 17 more than the 1,440 homes sold in November a year ago, according to the latest statistics from the Multiple Listing Service of Long Island.
Sales of Long Island homes withered last month and prices continued their downward trend. There were 1,498 homes contracted for sale here in September, a 16.5 percent drop from the 1,795 homes sold in August, and 50 more sales than were contracted in September 2010, according to the latest numbers from the Multiple Listing Service of Long Island.
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