Home Buying in Long Valley>Question Details

Rblanchet, Home Buyer in Greenville, NY

why is the foreclosure rate in long valley so high - 40% of all single home listings? how will this affect home prices in the near future?

Asked by Rblanchet, Greenville, NY Tue Feb 5, 2013

This question was asked from this property: http://www.trulia.com/property/3078160427-4-E-Gate-Rd-Long-V…

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It's so high in Long Valley because it's an area of many "keep up with the Jones", and they've over extended themselves. I think the rate may not be as high as 40% of actual homes, but it is certainly much higher than other areas.
0 votes Thank Flag Link Fri Jan 10, 2014
1 in every 892 homes received a foreclosure notice that includes home owners in the mortgage modification process. That's from RealtyTrac.com a site that sells info on foreclosures.
0 votes Thank Flag Link Thu Feb 7, 2013
I believe the information you received is not accurate. The home you emailed me about at 4 East Gate is not in foreclosure to my knowledge.

Best Regards,
Cindy Ruggiero
0 votes Thank Flag Link Wed Feb 6, 2013
Interesting stat if its true. Where are you getting your data from?
0 votes Thank Flag Link Wed Feb 6, 2013
My data didnt come from an official source. I looked at the number of single-family homes listed for resale (107), and the subsets of homes in foreclosure (43) and homes that were not in foreclosure (64 listings).
I may have missed duplicates in the foreclosure listings that did not include a street address, and also realize not every listing will appear on Trulia, so i admit this is a crude math exercise.
If the number is at all close to reality, i would expect housing prices in Long Valley to continue to fall. I welcome the opinion of the experts, however - what are you seeing in the market?
Flag Sun Feb 10, 2013
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