This above data is incorrect... see post entitled "Longmeadow Foreclosures Are Increasing- Part II" for correct numbers.
There are currently ~ 136 houses in Longmeadow up for sale (116 MLS listing + ~ 20 FSBO’s). This is a typical number for this time of the year during the past three years.
There are approximately 5500 homes in Longmeadow so currently in 2008 ~ 2.5% of the homes are up for sale and less than 0.1% have been foreclosed by the lender.
However, there are some real estate FACTS that are sobering….
1. Longmeadow 2008 YTD Housing Sales are down 36% vs. last year (for the first six months in 2008- 64 homes were sold vs. 100 in the first 6 months of 2007).
2. The 2008 YTD median price in Longmeadow is down ~ 17% over the past year (360K vs. $300K).
RealtyTrac.com- one of the most cited websites for foreclosure information- shows 19 foreclosure listings for Longmeadow. However, these listings usually represent a notice of foreclosure to the owner and many of these situations are resolved without foreclosure.
Touting 19 properties in Longmeadow as foreclosures is like quoting $5.3 trillion dollars as the potential downside risk to the taxpayers for the bailout of Freddie Mac and Fannie Mae…. not all of the mortgages guaranteed by these GSE’s are going into foreclosure and even if they did they still would have some value.
If you are interested in staying connected with the FACTS come back and visit Real Estate Buzz at LongmeadowBiz. Here is a link to the latest stats for Longmeadow.