PMI Winter 2009 Risk Index - LI at "Elevated Risk" of Home Price Declines (Massapequa: credit, affordable house)

[MikeyKid]

PMI puts Nassau-Suffolk NY with an "Elevated Risk" at 65.6 probability that house prices will be lower in two years.

Article: PMI Winter 2009 Risk Index Indicates Broader Risk of Home Price Declines

Full report:
http://www.pmi-us.com/media/pdf/prod...i_eret09v1.pdf

* credit to the Charlotte board where I found the link

[StephM]

I don't doubt it.

I've had my eye on a house in Stony brook since spring of 08. It started at 499 and now its down to 419. I've watched houses drop their prices by 10-20% and still get no bites.

[KENNY GUIDO]

my house already dropped by $85,000 and its in massapequa!

[Crookhaven]

Originally Posted by StephM

I don't doubt it.

I've had my eye on a house in Stony brook since spring of 08. It started at 499 and now its down to 419. I've watched houses drop their prices by 10-20% and still get no bites.

Its healthy.

Itll be great to see the Strathmore Area in Stony Brook return as a starter market again.I knew we were on the pipe when people were shelling out over 1/2 Mil to live in a 3 bedroom Strathmore slab ranch.

Once we get back to the prices of 2002 I Imagine we'll be @ bottom.Weve got another 5%-10% to go in Rocky Point, I imagine Stony Brook will be similar.

Hopefully this overdue correction will keep some of our younger folks from fleeing for Brooklyn/Queens and NC.

Right now theres really really great buys in the 2s (by the water) in Sound Beach, Rocky Point,Ridge and Wading River. Smaller homes, all great towns to start out and trade up in, or to downsize to.

Best

Crooks

[Crookhaven]

Originally Posted by KENNY GUIDO

my house already dropped by $85,000 and its in massapequa!

Why would Massapequa be insulated?

The drop in Stony Brook is actaully more of a surprise.

crooks

[dman72]

What is the median income on LI?

What would be an affordable house for that median income?

What is the median house value on LI?

There you go. When most people in an area couldn't afford to buy the houses they already own, you have a severly inflated market.

[OhBeeHave]

Originally Posted by StephM

I don't doubt it.

I've had my eye on a house in Stony brook since spring of 08. It started at 499 and now its down to 419. I've watched houses drop their prices by 10-20% and still get no bites.

There are a number of houses in Stony Brook which were overpriced. Where about in Stony Brook are you looking?

[okaydorothy]

My house in Medford which is 2400 s ft on 2/3 acre is now valued only $30,000 more than my other house in Patchogue which is only 1200 sq ft and on a 60x100 lot.

Does it make sense?? I have stopped even trying to explain it.

d

[Crookhaven]

Originally Posted by okaydorothy

My house in Medford which is 2400 s ft on 2/3 acre is now valued only $30,000 more than my other house in Patchogue which is only 1200 sq ft and on a 60x100 lot.

Does it make sense?? I have stopped even trying to explain it.

d

I hate to say it but Patchogue Villages revitalizaion has really been at the expense of East Patchogue and Medford.

Couple that with the illegal runoff from Farmingville and Medford has really taken a beating.

It wasnt that long ago that Medford was the more desireable location...now, not so much.

Im not at all surprised.

crooks

[KENNY GUIDO]

Originally Posted by Crookhaven

Why would Massapequa be insulated?

The drop in Stony Brook is actaully more of a surprise.

crooks

I know all towns have dropped but so dramitcally is insulting to us homeowners.