Long Island Real Estate Market: Distressed Sales

There's no question that distressed sales in the Long Island real estate market are growing in number.

Today I was searching homes in Lindenhurst, Babylon and West Babylon for a buyer. I had certain criteria in my search guidelines which included number of bedrooms and price.

My initial search yielded 121 homes.

I then remembered that my buyer was not interested in short sales or foreclosures, so I updated my search criteria to include NO short sales and NO foreclosures.

My updated search yielded...40 homes.

That's an 81 home difference. That means that over 66% of homes (or 2 in 3 homes) is a distressed sale.

That is absolutely unbelievable.

I will be doing a thorough analysis of the Long Island real estate market in the next week or so. It will include a closer look at this phenomenon that the media is touching on, but not really focusing on. We keep hearing about the increase in foreclosures, but are we really seeing what I found today? A lot of homeowners are in trouble.

For sellers, things are not going to get any better for quite sometime.