Aug

29

Long Island Foreclosure Statistics: 2nd Quarter 2008

Filed Under Buyers, Foreclosure Info, Sellers, Sellers & Buyers |

Sellers Beware! Buyers Beware!

According to www.LIRealEstateReport.com , Suffolk County saw a dramatic increase of foreclosure filings, as did Nassau County. Nearly $870,000,000 of real estate inventory in Suffolk County is facing foreclosure. As of July, 2008, there were 18,638 total listings in Suffolk County according to the Multiple Listing Service. There are currently 2,723 Lis Pendens filings in Suffolk County alone. Let me repeat - 2,723 homes facing foreclosure in Suffolk County.

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In Nassau, there are 1,620 facing foreclosure with a median price tag of about $380,000, while Suffolk’s price tag for a home in foreclosure is about $319,000.

This data suggests that the epidemic of foreclosures facing our area alone is very concerning.

If you are on the market now, drop your price. If you are thinking of selling your home, find out your exact motivation for doing so. If you need to get out (and really ask yourself the tough questions to get the real answers), then don’t wait around. With every home that enters into foreclosure in your area, the impact on your home’s value will drop approximately $8,000. That’s instant equity loss.

I have written on this subject numerous times. I just hope who ever is reading my articles that they actually take into consideration the severity of the housing and foreclosure crisis that faces us.

I’m not a doom and gloom type. In this market, there’s a great opportunity to sell your home. You won’t be selling it for the price you could have gotten a few years ago, but remembering the 25% annual appreciation that was realized from 2003 to 2005/2006, should help remind you about that great benefit to your home’s value, even now.

For buyers, there’s two main things to consider. One is that it’s a great time to consider buying a foreclosure or short sale. There are a few legal items to consider, so make sure you consult your attorney before buying a foreclosure, pre-foreclosure at auction or short sale.

Secondly, for buyers, it’s important to know what’s going on in the area you’re looking in. This is very important. I work as a buyers agent, representing buyers in the largest financial transaction of their lives. I pride myself on providing them with the best information possible about any area so that they make an informed decision.

For a Comprehensive Market Analysis of your home’s value, or to call me to inquire about finding a home to buy (or both), call me at (631)831-9048.

(c) Copyright, 2008 www.tommcgiveron.com

By Tom McGiveron


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3 Comments so far

  1. Tom McGiveron | Long Island Real Estate Market | Coldwell Banker Realtors on September 20, 2008 1:44 pm

    […] the continued increase of foreclosures throughout the Long Island real estate market, homeowners must take into consideration that it is […]

  2. Cadia Dilone on October 28, 2008 10:06 am

    Is a deed in lieu of foreclosure the thing to do on a single family house I own and moved out of in 2/08 in Medford, NY to empty it for a short-sale that never happened? I don’t live in the house and have not paid the mortgage since 9/07 because of hardship as a single parent that commuted to work in NYC since buying the house in 12/99.

  3. tmcgllc on December 2, 2008 10:41 am

    I would need to meet with you to discuss these matters - however, that is a legal question which can only be handled by an attorney licensed in the state of New York.