http://longisland.newsday.com/templates/simpleDB/?pid=392

After many months of declines in new bank owned inventory coming on the market, December showed A slight Increase over previous months.

Bank owned inventory is continuing to see a downward spiral caused by less foreclosed homes coming on the market monthly. This pattern still seems to be a result of the bad foreclosure process that the banks were caught using months ago.

Even though the amount of homes being sold as a short sale are up in all three counties compared to November 2010. The increase is not enough to be concerned about,  in fact  except for Nassau county the short sale inventory has stayed very stable with no major increases or decreases.

No change over last years numbers, I believe the market is in the mend.

Even though the un-sold home inventory is coming off it all time high this past summer it seems that the inventory has leveled out to October 2010 levels.

Both Queens and Suffolk counties hit an 18 month low for the median under contract price in October 2011. Last month Nassau county hit a new low and bounced back in October edging the values just above the previous months low. Unfortunately this new low precedes the time when home values historically decline during the months of December and January.

As I stated last month the seasonal decline started earlier then it has in past years. buyer activity is down substantially compared to the same time last year in all three counties.