Long Island Real Estate Market: Foreclosure Update, August 2008
This is an update for the foreclosures that are pending in Suffolk County. I decided to include some towns in Nassau County and Queens as well.
Suffolk County
West Islip = 27 Homes Pending Foreclosure (10% decline)
Deer Park = 61 Homes Pending Foreclosure (39% decline)
Babylon = 25 Homes Pending Foreclosure (No change)
West Babylon = 98 Homes Pending Foreclosure (No change)
Lindenhurst = 109 Homes Pending Foreclosure (20% Increase)
Patchogue = 15 Homes Pending Foreclosure (7% Increase)
Miller Place = 33 Homes Pending Foreclosure (58% Increase)
Riverhead = 4 Homes Pending Foreclosure (20% Decline)
Huntington = 57 Homes Pending Foreclosure (14% Increase)
Port Jeff = 10 Homes Pending Foreclosure (33% Decline)
Sayville = 22 Homes Pending Foreclosure (8% Decline)
East Hampton = 1 Homes Pending Foreclosure (No change)
Smithtown = 8 Homes Pending Foreclosure (25% Increase)
Hauppauge = 16 Homes Pending Foreclosure (13% Increase)
Manorville = 26 Homes Pending Foreclosure (8% Decline)
Total = 512 Homes Pending Foreclosure (1% Decline)
Nassau County
Farmingdale = 16 Homes Pending Foreclosure
Seaford = 4 Homes Pending Foreclosure
Massapequa =32Homes Pending Foreclosure
Freeport = 47 Homes Pending Foreclosure
Wantagh = 6 Homes Pending Foreclosure
Lynbrook = 7 Homes Pending Foreclosure
Elmont = 34 Homes Pending Foreclosure
Oceanside = 5 Homes Pending Foreclosure
Queens
Flushing = 184 Homes Pending Foreclosure
Bayside = 29 Homes Pending Foreclosure
Jamaica = 1123 Homes Pending Foreclosure
Howard Beach = 30 Homes Pending Foreclosure
If you want information on a specific town, leave me a comment or call me at 631.831.9048.
This information is very useful for both sellers and buyers. For sellers, it will give you insight as to how the foreclosures in your area will damage the value of your home. I will provide a complete report on foreclosures on Long Island next month that will include exactly how a foreclosure in your immediate area impacts your home's equity. We all know it has a "bad impact" and is negative - but just how much are we talking? Come back next month and find out.
For buyers - the information provides you with a snap shot of just how many foreclosures there are (active and pending) in a given area. For instance, I would say that Jamaica, while a large area, should be avoided by buyers who are looking strictly to purchase and occupy a home. It's a great area for investors, but not for the average home purchaser, based solely on the fact that the number of foreclosures is so high. As a buyer in this market, you want to buy low...in an area that is not being riddled with foreclosures and lis pendens filings.
Good Resource for 1st Time Buyers
(c) Copyright 2008, www.tommcgiveron.com
By Tom McGiveron
Thomas, This is so sad....I grew up on Long Island and somehow felt we would be immune to this housing crisis--and we've been hit so hard. I do hope things turn around, it's such a lovely place to live.
Well we've been hit by it - and things are going to get worse - much worse.
Overall though - Long Island will remain a top place to live because of it's location. I mean, we're not going to turn into upstate New York - that's for sure. And no offense to upstate New York - I'm simply saying we won't turn into a real estate market that is severely depressed like upstate. I mean, the values just haven't moved anywhere throughout most of upstate. I think a house in Syracuse that was worth $50,000 8 years ago is worth $55,000 today. That market just doesn't move - that's NOT going to happen here.
We're losing ground, but once it levels off - we will pick back up with a nice steady (normal) raise in appreciative values.