It is nice to see both counties lis pendens filings dropping off in the last quarter of ‘09. In 2008 the 4th quarter also reflects a drop in lis pendens filings; however, that was caused by The law New York Governor Paterson enacted in late spring of last year which delayed the foreclosure process 90 days. Click here to view additional details
The decline in the 4th quarter of ‘09 could be signs of the mortgage defaults slowing down, only time will tell.
Even though all three counties saw a seasonal decline in homes that are trying to sell there home for less then what is owed on the mortgage, the short sale inventory is still greater than December ‘08. Before we can see any stabilization in the Long Island real estate market we are going to have to see these numbers decline steadily.
I keep hearing that there is another wave of foreclosures coming to the market this spring; however, there has been no sign of new inventory as of yet.
Unlike bank owned properties, homes that are trying to sell there homes short have increased in all three counties. Nassau county has hit a twelve month high and Suffolk county below its peak of 1846 homes (14% of the total inventory) on the market that are selling for less the the total mortgage(s).
Of all three counties, Queens county chart shows prices are steadily declining while sales prices have shown higher prices properties are starting to sell.
The above chart uses properties that have gone under contract for the month to get a real time picture of the activity of million dollar sales.
All 3 counties show a decrease of sales in the million dollar or better range, Seems we are in for a roller coaster ride in the luxury home market! In fact since November ‘08 each month that posted an increase of sales seems to be followed by a month of decreased sales, some would say this appears to show a soft bottom in the luxury home market.
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Bank Owned Properties |
