The housing market on Long Island did not improve in the month of January 2012. According to Multiple Listing Service on Long Island the median sales price of a home in Nassau County fell 6.1% between January 2011 and January 2012. This brought the median home price down from $410,000 to $385,000. During the same period of time homes in Suffolk County fell 5.2%. With the median price going from $313,000 to $296,800. The volume of homes that were sold also was reduced.
James Retz, a Vice President at Daniel Gale Sotheby’s International Realty in Cold Spring Harbor, stated with regard to the real estate market on Long Island it is “showing a lot of life, but there’s still a lot of caution.”
High Foreclosure Rates
The high foreclosure rates on Long Island continue to have a negative impact on the sales price of homes. There are simply too many homes on the market in Long Island. When you have a lack of equilibrium between the amount homes listed to be sold and the number of purchasers interested in buying homes the market will continue to go down.
Conclusion
It is still a difficult time to sell a house and buyers who are in the market today can obtain substantial bargains.
Real Estate Lawyers
The Real Estate Lawyers at the Law Offices of Schlissel DeCorpo can help you if your home is in foreclosure or if your home is heading toward foreclosure. We can represent you at foreclosure court conferences. We can submit foreclosure defenses in litigation brought by financial institutions against you. A commonly utilized pleading involves defenses such as defective foreclosures, predatory lending, foreclosure fraud, and other real estate related defenses. We can also help you with regard to a forensic audit with regard to your mortgage. Call us and we will discuss your foreclosure options with you.
An additional option when faced with foreclosure is filing a Chapter 7 or Chapter 13 bankruptcy.
Our attorneys are available to discuss foreclosures related to bankruptcy with you. Feel free to call us.
