CoreLogic Report: Long Island Housing Situation Improving

John Mitty Wednesday, December 18, 2013

Over the past few years, with homeowners struggling in the recession, many people have found themselves in a situation where they are “underwater.”  In other words, they owe more on their homes than their homes are worth.  According to a new report by the CoreLogic analytical firm, the number of underwater homeowners in Suffolk and Nassau counties is dropping. 

The study comprised the period of July through September.  During that time, CoreLogic determined that 7.8% of homeowners with outstanding mortgages were underwater.  That amounts to 42,539 families.  In the third quarter of 2012, the same report discovered that 49,949 homeowners on Long Island, or 9.25%, were in this situation.  So that is a significant decline.  Meanwhile, the prices of homes are increasing again.  In Nassau county, the median sale price moved up 5.8 % from last November to $418,000 in the third quarter of 2013.  The median cost in Suffolk has increased 1.8% to $318,500.  In general, Long Islanders are doing better with their mortgages than the total of all homeowners nationwide.  According to CoreLogic, about 13% of all homes across the nation were underwater as of the end of the third quarter this year.  That still represents a decline of 9% over the past year.   

 

 

 

jmitty@longislandyellowpages.com

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