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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.

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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

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View Sample Reports and order online at www.LIRealEstateReport.com
or by calling 631-539-7919

The reports are interactive, allowing you to compare different quarters and see different areas of Long Island.  Dollar volume for the East End was down nearly 50% 4th Qtr 2008 vs 2007…just wait until you see Feb ’09 numbers, released tomorrow…much worse.    Remember that “rainy day” your mother always told you to save for???

East End figures

East End figures

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