In an unbelievable turn around from recent years, this weeks reported figures on Lis Pendens – the first step a lender takes towards foreclosure – almost equaled the sales figures for the same period.
In fact, the average mortgage entering Lis Pendens, was higher than the average sales price by nearly 10% – unfathomable even 6 months ago.
FYI, the numbers for the same week ending in 2008 were as follows:
Number of Sales ………………………..35
Total Dollar Amount………………….$54,290,313
Median Price……………………………$660,000
Average Price…………………………..$1,551,152
Number of Lis Pendens Filings……22
Total Mortgage Amount……………..$8,330,229
Median Mortgage………………………$309,519
Average Mortgage……………………..$378,647
So, while there were 6 more Lis Pendens filings in 2008, the average mortgage amount has almost doubled year over year.
# of Sales are down 40% ’09 vs ’08
Total Dollar Amount is down nearly 75% ’09 vs ’08
Average Sales Price is down nearly 60% ’09 vs ’08
It’s a whacky world we live in.
**remember, these reports are lagging indicators, months old because the major brokers in this market still refuse to employ a Multiple Listing Service on a consistent basis, which would provide more timely data.
see Telegraph.co.uk piece, based upon this post here
2 comments
March 17, 2009 at 3:56 am
Bangkok Property
Wow, that is really shocking news, I suppose the worst is when foreclosure outnumber new sales!
March 21, 2009 at 10:43 am
Brokers Grit Their Teeth At Bad Buzz - EH Star « Hamptons Real Estate Blog
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