Because there seems to be no one trend for new bank owned inventory on Long Island let stake each one separately.

• Nassau County – appears to have an steadily increasing amount of new bank owned properties coming on the market.
• Queens County – appears to have a decreasing amount of new bank owned properties coming on the market.
• Suffolk County  – Is zigzagging but holding pretty steady.

Bank owned inventory appears to be on the rise. Could this be all the backed up forecloses that are finally coming to the market? If you take into account all the foreclosure filings over the past two years there is approximately 10,000 homes on Long Island that are in the foreclosure process that still have to be sold, this is what the experts call “Shadow Inventory”. Lets hope the numbers are way off.

Short Sale Inventory SPIKES!

I was hoping that we were starting a positive trend on this chart; unfortunately, homes being sold short increased drastically in all three counties.

It seems with home prices falling again more homes are falling into the under water category, bringing all three counties to an 18 month highs.

Sorry to say but this is not good news at all!

I think the chart says it all, prices are returning to their pre-home buyer tax credit levels. Even though you will be hearing news that home sale prices have increased, that information is based on closed sales.  The data in this chart is based on the under contract price which gives you a real time picture of which direction home prices are going.

I am staying on the optimistic side of the experts and saying “Home prices should level out after a 10 % decrease from there recent highs”.

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This chart is showing some interesting changes, in all three counties greater percentage  of higher priced homes seem to be selling compared to last year.

These changes most likely are a result of the “Homebuyer Tax Credit”. Defiantly something to watch!

Long Island Home Inventory At 18 Month Highs!

Except for Nassau new bank owned inventory coming on the market last month dropped. Suffolk dropping to a 12 month low and Queens coming close to an all time low.

All three counties seem to have diminishing bank owned inventory, even though Nassau County’s inventory has increased over the past two months.

Diminishing bank owned inventory and diminishing short sale inventory are both great early signs of a recovery, lets keep our fingers crossed.