Long Island, NY Real Estate and Homes For Sale

Oceanside NY 11572 3Q Closed Real Estate Statistics

(Calculations are done excluding zero-values except for %Difference)

Counts

 Stats are just stats. They don’t tell the truth & they don’t tell lies. Some observations though— Volume (the # of houses sold) was way up over the 2Q. Average and mean selling price also up—compred to the 2ndQ 2008. What does that tell us? That selling prices are going up? No they are not. It tells us that Oceanside Real Estate Sellers have been humbled, have reduced their prices, and sold their houses at what the market will bear. Houses that did not sell for $650,000 were reduced in price to the low $500K and finally sold, after 2-3 years on the market chasing prices.

Homebuyers Tax Credit

An opportunity like this does not come around too often. With the recent signing of a major housing stimulus bill, it’s now a great time to close on your first home. On July 30, 2008, the Housing and Economic Recovery Act of 2008* was passed, which includes a new, temporary tax credit as an incentive for first-time homebuyers. With this bill, first-time homebuyers may qualify for a tax credit of up to $7,500* for the purchase of a principal residence.

To obtain a better understanding of this opportunity, the CENTURY 21 team has compiled the following information:

• The National Association of Realtors First-Time Homebuyer®  Quick Reference Chart
• The National Association of Realtors®  Frequently Asked Questions

Before you decide to use the first-time homebuyer tax credit, please remember to consult with a tax professional.

Contact a CENTURY 21 Sales Professional today and get on the path to your first home.

*Housing and Economic Recovery Act of 2008. Consult a tax professional for details. Credit expires June 30, 2009.

Statistics for Real Estate to go under contract July 2008 Oceanside Long Island NY 11572

Statistics for Real Estate to go under contract July 2007 Oceanside Long Island NY 11572

Statistics for Real Estate to close in July 2008 Oceanside Long Island NY 11572

Statistics for Real Estate to close in July 2007 Oceanside Long Island NY 11572

(Calculations are done excluding zero-values except for %Difference)

Stats are stats and they don’t tell everything that is going on, but just a few observations comparing July07 to July 08;

For Closed sales: values are only down by approximately 5%.

Days on the market are way up

Volume is down by 20%

For under contract: Asking prices are down by 15%

Days on the market are also way up

Volume is almost the same

 http://www.longislandrealestatehomesonline.com/the-wedgewood-section-of-oceanside-ny

Positive Signs in the Real Estate Market:

NAR’s Pending Home Sales Index Rises in June

• Some improvement is projected for existing-home sales in the months ahead, according to the latest forecast by the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in June, rose 5.3 percent to 89.0.
• “The rise in pending home sales was broad-based with all four regions showing gains. This is welcome news because a rise in contract activity is necessary for an overall housing recovery.”

– Lawrence Yun, NAR chief economist “Pending Home Sales Rise, Wider Gains Anticipated as Buyers tap Housing Provisions,” National Association of Realtors®, August 7, 2008. (Data/Report - PDF)

Study: Most Americans Not Likely to Experience Significant Decline in Home Values

• Only four states – Arizona, California, Florida and Nevada – have had declines of more than 4 percent in home prices over the past year, according to the house price index of the Office of Federal Housing Enterprise Oversight.
• Our analysis reveals, unsurprisingly, that foreclosures and home prices have negative effects on each other over time, but this does not imply a vicious cycle of collapsing prices. Our models predict that as foreclosures continue to climb in many states, house prices will remain flat or decline in those states – but will not collapse.

– “Housing Collapse Ahead? Not According to the Data,” by Charles W. Calomiris, Stanley D. Longhofer and William Miles, Washington Post, August 4, 2008.

Housing Rescue Bill Signed in to Law

The housing act … aims to provide relief to homeowners, incentives to buyers, guidance to lenders and oversight to vital government-sponsored entities, such as Fannie Mae and Freddie Mac. Some of the bill’s provisions include: 

• Foreclosure avoidance: Will help an estimated 400,000 homeowners avoid foreclosure by refinancing into 30-year fixed-rate loans backed by the Federal Housing Administration.
• Aid for buyers: First-time home buyers who purchase a primary residence between April 9, 2008, and July 1, 2009, will be eligible for a tax credit of $7,500 or 10% of the purchase price, whichever is less. Home buyers who claim the credit will be required to pay it back in equal installments over 15 years, starting in the second year after the home is purchased.
• Loan limit: Federal Housing Administration’s loan limit is raised in high-cost areas from 95% to 115% of area median home price, up to $625,500.
• Neighborhood help: Provides $4 billion in grants for buying and renovating foreclosed properties in hardest-hit areas.

– “Housing Rescue Bill May Fall Short; Who Benefits?,” by Anna Bahney, USA Today, July 28, 2008.

Mortgage Applications Up 2.8% over Previous Week

The volume of mortgage applications filed last week rose slightly, increasing a seasonally adjusted 2.8% compared with the week before, the Mortgage Bankers Association reported. Applications for mortgages to refinance existing home loans rose 4.4% on a week-to-week basis, while mortgage applications for the purchase of a home increased a seasonally adjusted 1.8%.   

– “Mortgage Applications Rose Slightly Last Week,” by Amy Hoak, Marketwatch, August 6, 2008.