All three counties saw an increase of properties that are being sold short with Suffolk hitting an all time high.

Bank inventory is still declining in Nassau and Queens counties with only Suffolk county showing a large increase in bank owned  inventory.

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This chart shows the new bank inventory that came on the market for each month. I feel this chart gives a better representation of how the foreclosure market really looks like. Unlike the “Bank Owned Inventory Chart” which shows the total inventory (which you can see here “Long Island Bank Owned Inventory”), you will see all three counties are hovering at all time lows mostly due to that the fact that bank owned inventory is selling!

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In the past three months Suffolk county is showing the greatest changes in it’s percentages with REO sales increasing and short sales dropping off. I am wondering if the drop off of short sales going to contract has anything to do with the difficulties of negotiating a short sale, I have hearing that more and more buyers are shying away from them for this reason.

I don’t see any real change Nassau, so I will let the chart speak for it’s self.

Queens county also has not see any real change in the past three months.

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Even though the Long Island luxury home market is seeing large reductions in sales, all three counties had a higher number of homes going into contract this year over ‘09.

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After seeing short sale inventory decreasing for a couple of months it appears it is on the rise again in all three counties.

Bank owned properties are still at an all time low, what is interesting is Nassau county is seeing an increase where the other counties are flat or declining, something to watch.

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To encourage the purchase of REO properties, Fannie Mae is offering a new incentive beginning January 28 through April 30, 2010.

Overview of Incentive
During the offer and negotiation of an REO property, buyers will be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:

• Closing costs

• The purchase of new Whirlpool® appliances by Fannie Mae

• A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%

No additional selling agent incentives will be combined with this incentive at this time.

Eligibility
To be eligible for the incentive, the:

• Offer must accepted on or after January 28, 2010

• Property sale must close before May 1, 2010

• Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) — investors are excluded

All of Fannie Mae’s sales channels are eligible for this incentive — retail, auction, bulk, and public entity with or without direct individual buyer.

Financing
Lenders and/or mortgage products may impose restrictions on how a buyer can use the incentive and may

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The asking price in Nassau county has a shown a large decrease over the past few months, some could argue that is why the median sales price saw an increase during the same time period.

Even though Suffolk county saw a decrease in the asking price, the median under contract price still saw a decrease. Larger decreases in asking price will be needed to get the same results Nassau county is experiencing.

Queens counties asking price increased causing less homes to sell and lower under contract prices, there is definitely a pattern

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Both Queens and Suffolk counties saw a decline in the under contract sales price in December, Nassau county on the other hand saw a nice increase in December  numbers.

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