Eve Hansen - Long Island Realtor

Northport NY 2009 Real Estate Market Report

Another year has come to an end, and so I'm taking a moment to reflect on the past year before looking ahead to 2010. These are sales statistics taken from Long Island MLS on 1/3/10. While the number of homes sold rose slightly from last year, sales prices have continued to decline in the area. The average sales price in Northport for 2009 was $633,398, which is down 9% from last years average price of $694,217. But how about taking a look back to the year 2000? The average sales price then was $416,992. That’s a 52% increase. So while many people have homes that are worth less than what paid, there are still some people who have made money on their investment! So if you are in the red, sit tight if you can. Things will change - we just don't know when.

A Suffolk County NY Judge , Judge Jeffrey Spinner, wiped out the mortgage debt of a foreclosed upon couple in Patchogue – claiming that IndyMac Mortgage Services exhibited conduct that was “harsh, repugnant, shocking and repulsive”. For the entire story please go to Newsday.com – but if you aren’t an online subscriber good luck accessing the article! Credit must be given to Alfonse A. Castillo’s article in today’s Newsday titled Ruling A Message To Lenders. This is my cliff notes version of his article.

The Horoski family fell behind in their mortgage payments in 2005 after Diane Yano-Horoski became ill and was unable to work. They stopped paying their mortgage for about a year. IndyMac refused loan modification offers and refused the offer their daughter made to buy their house with third party financing. IndyMac did offer Diane Yano-Horoski a payment agreement which she accepted, but did not send her the paperwork until after the first payment was due, so she was in default of the agreement before she even received it. On top of that IndyMac could not tell the judge exactly how much of the principal balance was owed, and then claimed to be owed $527,437.73, but the judge calculated it to be $447,028.50.

The outcome of the case is that the judge erased The Horoski’s nearly $300,000 debt, and in the nine page decision “invoked the courts “equity jurisdiction” citing an 1890 Court of Appeals decision and numerous other cases in concluding that the mortgage company’s actions were so egregious that it had no claim, morally or ethically, to equitable relief in the matter. “

Clearly the Judge was sending a message to the mortgage companies that they better clean up their act. But this case might have interesting ramifications down the road. On the positive side it might force the banks to hire more qualified individuals for their loan modification departments and tighten up their standard operating procedures. On the negative side – if the banks can’t rely on getting paid they won’t loan money. It will be interesting to see how this all turns out.

New York is a judicial process state regarding foreclosure. At this time the process from lis pendens filing to sale of the property takes approximately 18 months in Suffolk County.

Come on down to the Village Park on Friday 11/27 at 7 PM for the Village Tree Lighting. There will be hot chocolate, caroling, and of course Santa Clause will be making an appearance. Have you been naughty or nice??

We are lucky here on Long Island that we have a low percentage of distressed properties for sale in comparison to many other areas of the country. There are presently 1,387 homes available for sale in Huntington Township through the Multiple Listing Service. There are 21 REO properties available and 127 short sales. The combined amount of REO and Short Sale Properties equals 11% of the current available inventory.

REO stands for Real Estate Owned, which means real estate owned. This term is used once the property has been through the foreclosure process and is now owned by the bank. Short Sales are properties where the homeowner owes more than the house is worth, and in order to get out of a painful situation before being foreclosed on, the seller must get approval from their lender to ”sell short” of what is owed.

Please contact me if you would like a no obligation list of the distressed properties available for sale in Huntington or neighboring areas.

Of all the reasons to live in Huntington, the Summer Arts Festival is near the top of my list. Presented by the Town of Huntington and produced by the non-profit Huntington Arts Council, free entertainment is provided 6 nights a week starting at 8:30 pm this Saturday June 27th, and running through Sunday, August 16th. It all takes place at the Chapin Rainbow Stage in Heckscher Park. You can see everything from Contemporary Dance Groups and Theater to Rock, Jazz, Country, Classical, Blues or World musical groups. And let's not forget the kids! Tuesday nights are Family Nights, and the entertainment begin at 7:30 pm so that everyone in the family can enjoy themselves. You'll see me enjoying many of this years concerts with my husband, as well as volunteering in different capacities throughout the season. So please say hello if you see me!

Opening the season tonight will be The Prodigals, a Celtic Rock/Acoustic group from Manhattan. Most of the members grew up in Ireland, and if you check out their website you'll see some great reviews from The Village Voice, the Chicago Sun Times and more. So tell your friends and bring a blanket or lawn chair, and then get ready for some high energy fun! Arrive early so you can find a place to park that is close by, and then sit back and enjoy the show. And afterwards, please consider dropping a dollar or 2 in the donation box on the way out to help defray costs.