Slump will continue

From the Long Island Business News

Pearl Kamer of the LIA said Long Island’s housing fortunes would continue to sag into 2009, as part of a drawn-out market correction.

“We still have to liquidate a excess inventory of homes,” Kamer said. “And as of Sept. 1, lending practices will tighten, so fewer buyers will qualify for mortgages.”

Through May, there were 18,749 homes for sale in Suffolk, up 26 percent from a year ago. In Nassau, 12,711 homes were up for sale, a 21-percent increase from the same period in 2006.


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  1. mike

    Greetings Chuchundra,

    We are also in the market for a home. I think we are on the same page as you are. Buying now is like buying a new car. The day you move in chances are it will be worth less. We will wait it out see what the spring has to offer… cheers & good luck

  2. Chuchundra

    Hi Mike,

    Yes, that’s my thinking now too. Unless something really blows me away, I don’t I’ll buy until next spring.

    I’m just curious, how did you come by my site? You’re my first commenter. I’m thinking I should send you cookies or something.

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