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BROUGHT TO YOU BY PAM DICKMAN ~ RE/MAX UNIVERSAL REAL ESTATE

October 31, 2010

New York State home sales fall in third quarter – median price gains indicate broad-spectrum activity The New York state housing market fell by more than 27 percent in the 2010 third quarter from the second quarter as sales slowed following the expiration of the federal homebuyer tax credit, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The 2010 third quarter statewide median sales price grew by 15 percent compared to both the 2010 second quarter and the third quarter of 2009. New York REALTORS sold 17,996 existing single-family homes in New York State during the 2010 third quarter, a decrease of 27.4 percent from the 2010 second quarter. The sales total represents a 27.4-percent decrease compared to the 2009 third quarter. The September 2010 sales total of 6,012 was down 1.9 percent from the August total of 6,129 and 18.4-percent down from the September 2009 total of 7,365. The 2010 third quarter statewide median sales price of $230,000 represents an increase of 15 percent from a last quarter and a 15.1-percent increase from the 2009 third quarter. The September 2010 median sales price of $229,102 represents a 4.1-percent decrease from August 2010, but was a 14.6-percent increase from September 2009. New Yorkers remain confident in future housing market despite current concerns The New York State Association of REALTORS, in partnership with the Siena Research Institute (SRI), released the New York State Consumer Real Estate Sentiment scores for the 2010 third quarter. Overall, the survey found New York consumers remain moderately positive about future improvement for the state's housing market despite a negative opinion of the current market. The survey shows that sellers have less confidence in the market since the second quarter, no doubt a result of continued poor economic news and a belief that buyers will not meet anticipated selling prices. On the other hand, the survey being released today indicates that New Yorkers understand that now is a good time to buy a home. RealtyTrac: New York State total foreclosures decrease; state ranks among lowest in nation In its U.S. Foreclosure Market Report for the third quarter of 2010, which reports default notices, scheduled auctions and bank repossessions, RealtyTrac Inc. reported New York State ranked number 42 of all 50 states for both quarterly and monthly total foreclosure filings. It also reported a decrease in foreclosures from the previous quarter and the previous month. New York State Banking Department issues report on pre-foreclosure notices The New York State Banking Department has announced that more than 76,744 pre-foreclosure notices were sent to New York homeowners who have fallen behind on their mortgage payments since May 31, 2010. A total of 134,000 pre-foreclosure notices have been sent since data collection began on February 13, 2010. If a borrower does not become current on their mortgage within 90 days of receiving the notice, the lender then has the right to begin the formal foreclosure process.