Mar

24

Foreclosure Information On Long Island: “Shadow Inventory”

Filed Under Long Island Foreclosure Stats, Sellers, Sellers & Buyers | Leave a Comment




This video article is going to showcase foreclosure information on Long Island, specifically foreclosure shadow inventory. Some previous articles that may help you understand what’s in this newest article are A Closer Look At The Impact Of Foreclosures In 2010 and How Many Homes Are In Foreclosure In Suffolk County.

This video is going to talk specifically about why it is a good time to sell your home if you’re considering making a move, despite the down market. The foreclosure shadow inventory (foreclosed homes that are yet to hit the market) is going to be staggering in 2010 and as we move into 2011.

(c) Copyright 2010 www.tommcgiveron.com
By Thomas McGiveron, LSA

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Feb

11

How Many Homes Are In Foreclosure In Suffolk County?

Filed Under Long Island Foreclosure Stats, Sellers, Sellers & Buyers | Leave a Comment


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So the question I recently asked myself is how many homes are in foreclosure in Suffolk County, New York. Immediately, I went to work and found out that there are over 190 homes that are bank-owned in Suffolk County…under $300,000. Foreclosures in Suffolk County priced over $300,000 numbers around 50.

So to be fairly accurate, it is okay to say that there are currently 250 homes in Suffolk County that are currently bank-owned…and on the Multiple Listing Service of Long Island. This 250 number does not include all the homes that are not listed yet, in the process of foreclosure, or currently in contract.

If I were to make an educated guess, based on my experience as a BPO agent (an agent who performs broker price opinions for banks to price out homes on their books), I would that there are over 10,000 homes in Suffolk County, that are somewhere in the process of foreclosure.

I complete about 50 BPO’s per month on average. And my competition in this business (other real estate agents doing just as much or more), leads me to believe that not just Suffolk county, but all over Long Island will be facing very difficult times in 2010 and well into 2011.

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Sep

17

Long Island Real Estate Market: 2 In 3 Homes Underwater In Western Suffolk!

Filed Under Long Island Foreclosure Stats, Sellers | 1 Comment


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Today I was searching homes in Lindenhurst, Babylon and West Babylon for a buyer. I had certain criteria in my search guidelines which included number of bedrooms and price.

My initial search yielded 121 homes.

I then remembered that my buyer was not interested in short sales or foreclosures, so I updated my search criteria to include NO short sales and NO foreclosures.

My updated search yielded…40 homes.

That’s an 81 home difference. That means that over 66% of homes (or 2 in 3 homes) is a distressed sale.

That is absolutely unbelievable…

I wrote this on my blog at tommcgiveron.blogspot.com.


Aug

2

Long Island Foreclosures: Long Island Hardest Hit

Filed Under Foreclosure Info, Long Island Foreclosure Stats, Sellers | Leave a Comment


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I have been plugging away in the past month about Long Island foreclosures. The recent article in Newsday entitled, Mortgage Defaults on LI Among Worst In State puts things in perspective.

What’s happening is astounding and I really believe that homeowners have no idea what’s in store down the road. The main “theme” of my content for homeowners is, if you want to or need to sell, now is the time. I know this is like a dull drum beat for those of you who frequent my website, but it’s just the truth.

But it’s the truth that I don’t think homeowners are hearing. I know many different people who really need to sell. They want to move on in their lives but just “can’t give their home away.”

It’s not about “giving it away.” This real estate market from 2002 through 2006, helped people acrue an unbelievable amount of equity in their home. And while it’s hard to swallow a 30% reduction in that equity, it’s better than the alternative (losing another 20% over the next 12 to 18 months).

With 5.2 million nonprime mortgages (meaning these are the mortgages that were written to less-than-perfect buyers a few years ago) still outstanding and facing foreclosure, we here on Long Island will be hit hard by a certain percentage of those homes. And one thing that’s not mentioned in this Newsday article is the rate at which prime borrowers (the best borrowers) are defaulting on their mortgages.
april-09-newly-initiated-foreclosures.jpg

With unemployment on Long Island increasing to nearly 8%, foreclosures are going to riddle this market. As more foreclosures come to bear down on the market values of homes, the trend in the appraisal business to set market value at foreclosure levels may have an extremely damaging impact on “regular” home values. How?

An appraisal is all about comparisons looking at what’s sold in the area. As an agent who performs Broker Price Opinions for banks, I see more and more, that I need to use Bank Owned Properties as a means to measure a home’s value in any given area. From West Islip to Greenport, New York, I’m doing bank appraisals and consistently needing to drop the price values on homes to conform more with foreclosures (because that’s what’s selling).

Traditionally, an appraisal of home value didn’t focus or even include a bank-owned property, because that’s not a “normal” sale. It’s a distressed sale. You dont’ compare the two. However, in this market, with articles like this in Newsday, and agents like myself who know what’s going on, we’ve got a problem that, unfortunately, is going to continue getting worse before it gets better. The trend is for home values to begin following bank property sales because the entire market is in distress.

(c) Copyright 2009 www.tommcgiveron.com
By Thomas McGiveron, Licensed Real Estate Salesperson


Apr

6

Long Island Real Estate Market: Foreclosure Update, March 2009

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This is a foreclosure update for the Long Island real estate market. This report features the number of homes that are in the foreclosure process or currently bank-owned throughout a sample of the Long Island real estate market of of April 6, 2009. All statistics provided by RealtyTrac.

Suffolk County Foreclosures

Total = 875 (slight decrease in foreclosures from February, 2009)

If you want information on a specific town, leave me a comment or call me at 631.831.9048.

A closer look at short sale listings in these same towns above indicates another challenge. According to the Multiple Listing Service of Long Island, there are 172 homes listed as short sales. A short sale is where a homeowner is attempting to sell their home for less than what is owed on the mortgage. A short sale occurs when the value of the property (what the buying market will pay for it) is lower than what a homeowner owes on the property.

These are potential homes that may hit the market in the future as foreclosures if they do not sell.

I will continue to report on the Long Island foreclosure situation and see how things change from month to month. Please continue to come back. If you have any questions on a specific town, please feel free to contact me.

For the previous foreclosure updates, www.tommcgiveron.com/category/foreclosures/.


Feb

20

Long Island Real Estate Market: Foreclosure Update, February 2009

Filed Under Foreclosure Info, Long Island Foreclosure Stats, Sellers & Buyers | 1 Comment


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This is a foreclosure update for the Long Island real estate market. This report features the number of homes that are in the foreclosure process or currently bank-owned throughout a sample of the Long Island real estate market.

Suffolk County Foreclosures

West Islip = 63
Deer Park = 156
Babylon = 30
West Babylon = 173
Lindenhurst = 190
Patchogue = 16
Miller Place = 46
Riverhead = 5
Huntington = 91
Port Jeff = 20
Sayville = 27
East Hampton = 4
Smithtown = 5
Hauppauge = 29
Manorville = 36

Total = 891 (nearly a 7% decrease since last report in December, 2008)

If you want information on a specific town, leave me a comment or call me at 631.831.9048.

All this information was gathered from RealtyTrac. The information is a combination of lis pendens filings with local county offices, public notices of foreclosure sales, and real estate owned properties (properties currently owned by banking institutions).

The average loss of equity from a foreclosure on Long Island is about $8000. So the fewer foreclosures in your area, the better!

A closer look at short sale listings in these same towns above indicates another challenge. According to the Multiple Listing Service of Long Island, there are over 250 homes listed that include the term “short sale” in the towns focused in this article. A short sale is where a homeowner is attempting to sell their home for less than what is owed on the mortgage. A short sale occurs when the value of the property (what the buying market will pay for it) is lower than what a homeowner owes on the property.


Towns from above with the most amount of short sale listings include Lindenhurst (31), and West Babylon (18). Now these short sales may or may not be legitimate opportunities. Consulting a Real Estate Agent who knows what they’re doing, can save a buyer time and effort. For sellers, the same can be said. Imagine trying to sell your home, having 50 or 60 people drudge through your home, only to find that a short sale is not a viable option!

I will continue to report on the Long Island foreclosure situation and see how things change from month to month. Please continue to come back. If you have any questions on a specific town, please feel free to contact me.

For the previous foreclosure updates, www.tommcgiveron.com/category/foreclosures/.

(c) Copyright 2009, www.tommcgiveron.com
By Thomas McGiveron, LSA

Dec

24

Long Island Real Estate Market: Foreclosure Update, December 2008

Filed Under Foreclosure Info, Long Island Foreclosure Stats | 3 Comments

This is a foreclosure update for the Long Island real estate market. This report features the number of homes that are in the foreclosure process or currently bank-owned throughout a sample of the Long Island real estate market.

Suffolk County

West Islip = 70 Homes Pending Foreclosure - this represents over a 50% increase since the last report on Oct. 7, 2008.
Deer Park = 176 Homes Pending Foreclosure - a 165% increase since October, 2008.
Babylon = 34 Homes Pending Foreclosure (nearly 200% increase)
West Babylon = 188 Homes Pending Foreclosure (117% increase)
Lindenhurst = 193 Homes Pending Foreclosure (exactly 100 more foreclosures…in two months)
Patchogue = 17 Homes Pending Foreclosure
Miller Place = 47 Homes Pending Foreclosure
Riverhead = 3 Homes Pending Foreclosure
Huntington = 95 Homes Pending Foreclosure (nearly 100% increase since Oct. 2008)
Port Jeff = 21 Homes Pending Foreclosure (100% increase)
Sayville = 32 Homes Pending Foreclosure
East Hampton = 4 Homes Pending Foreclosure (300% increase)
Smithtown = 11 Homes Pending Foreclosure
Hauppauge = 26 Homes Pending Foreclosure
Manorville = 43 Homes Pending Foreclosure (over 144% increase)

Total = 960 Homes Pending Foreclosure (51% increase since last report in October, 2008)

Nassau County

Farmingdale = 34 Homes Pending Foreclosure
Seaford = 9 Homes Pending Foreclosure (125% increase)
Massapequa = 37 Homes Pending Foreclosure (8% decline)
Freeport = 56 Homes Pending Foreclosure
Wantagh = 10 Homes Pending Foreclosure
Lynbrook = 3 Homes Pending Foreclosure
Elmont = 47 Homes Pending Foreclosure
Oceanside = 6 Homes Pending Foreclosure

Total = 202 Homes Pending Foreclosure

If you want information on a specific town, leave me a comment or call me at 631.831.9048.

It’s clear that Suffolk county had a tremendous surge in foreclosure filings. All this information was gathered from RealtyTrac. The information is a combination of lis pendens filings with local county offices, public notices of foreclosure sales, and real estate owned properties (properties currently owned by banking institutions).

The average loss of equity from a foreclosure on Long Island is about $8000. So the fewer foreclosures in your area, the better! Overall, the foreclosure numbers, gathered from RealtyTrac, appear to be increasing. A 50% increase in the number of foreclosures in less than 3 months.

under-water-1208.jpg Click the slide to enlarge it. These are some national numbers which seem to correlate with the Long Island real estate market.

I will continue to report on the Long Island foreclosure situation and see how things change from month to month. Please continue to come back. If you have any questions on a specific town, please feel free to contact me.

For the previous foreclosure updates, www.tommcgiveron.com/category/foreclosures/.

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