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Report: Long Island home prices drop again

Over the past five years, Long Island's poverty

Over the past five years, Long Island's poverty rate rose while median household incomes declined, according to U.S. Census Bureau data. Photo Credit: iStock

Long Island home prices declined in November 2011compared with the previous November, CoreLogic reports on the latest numbers. Home prices in Nassau and Suffolk counties, excluding distressed sales, fell 1.5 percent for November.

Prices also dipped 0.5 percent in October compared with October 2010, according to CoreLogic’s November Home Price Index, a repeat-sales index that tracks increases and decreases in sales prices for the same homes over time, including single-family attached and single-family detached homes.

When troubled sales were factored in, the year-over-year decline was 1.2 percent for November and 0.2 percent for October.

“Distressed sales continue to put downward pressure on prices and are a factor that must be addressed in 2012 for a housing recovery to become a reality,” said Mark Fleming, chief economist for CoreLogic.

Despite this, New York State home prices are improving, and outperforming much of the United States. The state is among the top five in the nation with the highest appreciation, including short sales and bank-owned properties. The index shows a 1.7 percent price increase for New York State.

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