Long Island Real Estate Market: Unexpected Drop In Sales Across Nation

For some reason, the Long Island real estate market is saw a marginal increase in sales in August 09 in comparison to July 09 and analysts looking at data across the country say it's "unexpected".

This I do not understand. You can read an article about it by CLICKING HERE. This link will take you to DSNews.com.



What is in the report that I have been talking about on my website www.tommcgiveron.com, is that short sales and foreclosures are playing a major role in driving down median home prices across the country. "Distressed properties" normally are priced 15 to 20% less than a "normal sale" and they made up a third (33% or 3 in 9 homes) of the sales in August, 2009.

Now that's something to be weary of because it suggests that these types of properties are having a major impact on the values of homes suggesting further distresses in the real estate market for sometime to come.