The total un-sold home inventory has hit 18 month lows in Suffolk and Queens counties, Nassau county had a small increase but has basically been flat lining for the past 4 months. All three counties are showing signs that the Long Island real estate market is improving, I hope to see the trend continue.
Suffolk County has not only seen less homes coming on the market over the past 4 months but June also showed an increase in the amount of homes going into contract. In a year over year comparison the total amount of homes going to contract is less then the same time last year but not enough to be of any concern. Overall all the charts are showing the market is recovering.
Seems that there is little change in the amount of short sales in all three counties
Bank Inventory continues to decline; however, there is much talk of many more foreclosures to hit the market in the next 6 to 9 months.
MI’S June 2009 analysis of economic, housing, and mortgage market conditions.
PMI’s quarterly Economic and Real Estate Trends (ERET) report includes commentary on the national economy and regional housing price trends. A popular feature of every issue is the U.S. Market Risk Index, a tabular presentation of 381 of the most populated Metropolitan Statistical Areas (MSAs). The index is based on a statistical model utilizing economic data, real estate variables and market expertise. The model provides several measures to gauge relative residential lending risk.
PMI’S May 2009 analysis of economic, housing, and mortgage market conditions
Saw this great visual that Newsday creates, it is a great overview of the econonomic health of Long Island.
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Bank Owned Properties |
