There has been a small recovery across the country concerning home prices. Unfortunately, this recovery has not impacted home prices in Nassau and Suffolk counties on Long Island. During a 12 month period from July 2011, through July 2012, pursuant to CORE LOGIC, a real estate data provider, home prices in the United States have risen 3.8%. It is the largest year over year increase in the last six years.
Home Prices Decrease On Long Island
Home prices on Long Island have decreased. During the same period from July 2011 through 2012, prices of Long Island homes have decreased by an average of .06%. The large number of homes in foreclosure and homes being sold in short sales contributed to the decline in home prices in Long Island.
During the housing bubble, Long Island experienced a greater increase than the national average in the value of homes. When the housing bubble burst, home prices on a national basis fell about 33 1/3% while home prices fell in Nassau and Suffolk counties by 35%.
The ownership of a single family home has been the bedrock of the American dream for decades. Single family homes have become a depreciating asset. This has to change!
Home Prices On Long Island Should Increase In The Spring Of 2013
It is forecasted that home prices in Long Island will start to rise in the spring of 2013. On a national basis home prices in the United States are currently valued at 27% below their peak, which was in April of 2006. Hopefully for Long Island, and the rest of the country, the economy will improve which will bring about appreciation of home values.
