Pre Foreclosure Filings East End, Long Island

January 23rd, 2010 category: East End LI Foreclosures, Real Estate News

With east end, Long Island lis pendens reports that have conflicting data, we thought we’d present both for the purpose of deciding just how much trouble the east end of Long Island faces with respect to a potential increase in REO properties, and short sales.

This is need-to-know for sellers of homes on the east end, and equally important information for those considering the purchase of a home in the Hamptons, NY area.

Property Shark has provided a report which can be located here.

The Long Island Real Estate Report had provided a report that can be found here. 

Because we’re aware of the moratoriums presented in the LI Real Estate Report, their reported (less dramatic) increase makes  sense, creating a much lower increase in activity when viewing the months in which lis pendens were prohibited.

One thing’s for sure: there has been a significant uptick in pre foreclosure activity in the Hamptons. While it’s quite possible that some will find a way to maintain ownership of their property, some will elect to walk away, while others are forced. Not pretty, but this market has not pretended to be more than that over the last few years.

Interest rates for mortgages, on the other hand, continue to provide a compelling reason to explore home ownership. The bright spot!

Time will tell. In the meantime, Suffolk Research has provided year over year figures for the east end of Long Island- comparisons are month over month for 2009, as well as a five year look back.

All of the data can be found by clicking here.

Single Family Homes

All Five Towns 4th Qtr Market Comparisons - 5 years

Single Family Residences (Land Use: 210)

Year

 

4th Qtr

Median Price

$

Dollar Sales ($Millions)

Unit Sales

Percent Increase in Med Price

Percent Increase in $ Sales

2005

664,000

1,103

1,036

-

-

2006

700,000

862

692

5.4

-21.8

2007

750,000

952

642

7.1

10.4

2008

665,000

511

423

-11.3

-46.3

2009

630,700

790

618

-5.2

54.7

If you’d like more information on REO listings, we’re here to help. If you’d simply like to check out what’s available, it’s right there for you- just click the blue tab “north fork homes”.

If you are looking for a home for sale on the North Fork / East End of Long Island, please fill out the form below.

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To search available homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

 

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This entry was posted on Saturday, January 23rd, 2010 at 2:26 pm and is filed under East End LI Foreclosures, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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