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Real Estate Guide 2007
Analysis by region
National statistics are meaningful, but in real estate "location, location, location" means local trends trump all.
City overview
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Nassau/Suffolk, N.Y.
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The Long Island area also holds a spot on John Burns' list of 30 markets facing a potential housing bubble. In fact, the Long Island Index 2007 finds that so many residents are struggling to keep up with rising home prices and taxes that 54 percent (including 69 percent of those aged 18 to 34) consider it "somewhat" or "very" likely that they will move away within the next five years.
4th quarter 2006: $473,700
Median price 4th qtr 2005: $472,400
% change: +0.3%
Projected avg price end of 2007: N/A
Current avg 30-year fixed rate: 5.88%
Current avg 5/1 ARM rate 5.62%
*Affordability rating: 8.3
Foreclosures in Jan. 2006:
(1 for every 692 households)
1,417
Foreclosures in Jan. 2007:
(1 for every 497 households)
1,973
Change in foreclosures: +39.24%
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Current rate comparison:
» Click here for state vs national rates
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Key market events
 
Key market map
Dec. '05: Median price $472,400
Jan. '06: 30-yr fixed rate at year's low 6.10%
June '06: National median home price $227,100
June '06: Fed makes last of 17 rate hikes
July '06: 30-yr fixed rate at year's high 6.80%
Dec. '06: Median price rises 0.3% to $473,700
Jan. '07: National median home price: $210,600
-- Posted: March 8, 2007




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Mortgages
Compare today's rates
NATIONAL OVERNIGHT AVERAGES
30 yr fixed mtg 4.20%
15 yr fixed mtg 3.28%
5/1 ARM 3.53%
Rates may include points
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