Long Island foreclosures rise, and no one wants the houses (condo, home equity loan)

[NYC2RDU]

Yikes!

Long Island foreclosures rise, and no one wants the houses -- Newsday.com

[ClarkStreetKid]

Still angry about being A Connecticut Yankee in Steve Levy's Court? Have faith brother, one day you'll be living on the other side of the Sound fighting against having a bridge joining your fair land with those to the south.

"They can get another home or another condo or town house for $20,000 or $30,000 less than what they entered into two months ago," she said. "Maybe the next property . . . was even better equipped, updated, newer kitchen, newer this, newer that, for $30,000 under the value that she already was in contract for. She's walking away from 10, but she made 20."

For years people on LI have been complaining about how their kids have to leave because of housing prices, well this could be the kids' chance to get a place and stay. This is the market working. I don't think this is only happening on LI.

[NYLATINQT]

I hope it keeps on crashing so i can afford to come back to Long Island. Too many people have opted to leave, not so much because they wanted to leave, but because housing costs are astronomical and they couldn't afford to stay.

[PhilG]

Originally Posted by NYLATINQT

I hope it keeps on crashing so i can afford to come back to Long Island. Too many people have opted to leave, not so much because they wanted to leave, but because housing costs are astronomical and they couldn't afford to stay.

That's why I can't come back; otherwise, I'd be HOME on LI right now...

[Dedalus]

In a free market, the value of something is what someone is willing to pay, today.

One thing I'll point out - lots of people have floated home equity loans based on their house being assessed at a certain value. If the banks had to admit that a large proportion of their loans were now, in reality, unsecured, people might get a mighty case of the economic jitters.