Long Islanders prepare for a dramatic drop in home values according to Meredith Whitney!

[modmondays]

Ultimately that is what is stagnating and/or dropping the housing market at present. Everybody is simply waiting to buy and in some cases pulling their home from the market until it goes back up. Inaction means less demand, less demand means supply sits and/or grows, prices drop to try and incite the demand again.

I don't agree with "part" of the above post.

Nassau North and parts Nassau South "at the beach" this spring/summer selling season have for-sale inventories at the same levels -- or even higher - -since 2007 (based on my MLSLI analysis) . I can also say that the "superstar" REA's in those areas (Port Wash/Roslyn/OB Cove/East Hills/Atlantic Beach) still have their usual number of listings - - but a far lower percentage "in contract" than the previous three years.

List Pricing is about 20% lower as well in many cases then they likely would have listed two or three years ago....but not always the case. Some are actually "list-priced" above 2008 comp selling prices "LI: Nothing Ever Goes Down Here"

[Jrprofess]

Originally Posted by modmondays

Ultimately that is what is stagnating and/or dropping the housing market at present. Everybody is simply waiting to buy and in some cases pulling their home from the market until it goes back up. Inaction means less demand, less demand means supply sits and/or grows, prices drop to try and incite the demand again.

I don't agree with "part" of the above post.

Nassau North and parts Nassau South "at the beach" this spring/summer selling season have for-sale inventories at the same levels -- or even higher - -since 2007 (based on my MLSLI analysis) . I can also say that the "superstar" REA's in those areas (Port Wash/Roslyn/OB Cove/East Hills/Atlantic Beach) still have their usual number of listings - - but a far lower percentage "in contract" than the previous three years.

List Pricing is about 20% lower as well in many cases then they likely would have listed two or three years ago....but not always the case. Some are actually "list-priced" above 2008 comp selling prices "LI: Nothing Ever Goes Down Here"

We actually agree...as I said, supply sits and/or grows...as you said. Also far fewer in contract, because buyers are waiting or not moving ahead.

[SilverBulletZ06]

CNN just reported on the Q2 real estate market. Increases in foreclosures and the banks have ramped up going after delinquent payments and repossesions. That coupled with an already high number of unsold hames means we'll ahve even more supply with lessening demand.