Long Island home purchases fall to 3-year low

July 6, 2009 | by The Long Island Real Estate Report

The number of weekly closings on private homes and condos on Long Island has fallen by 42.3% during the 29 month period beginning January 1, 2007. During the same period, the number of weekly foreclosure auction sales has risen by 133%.In January 2007, the average number of closings per week was 643, as opposed to 371 in May 2009. The average number of foreclosure auction sales per week was 18, rising to 42 in May 2009.
Note: Averages are based on standard trend formulas.


Over 88% of the foreclosure homes were taken over by the holders of the mortgage, indicating that the amount due on the mortgage was greater than the current market value of the property.