Last month’s sales data for new homes in th US provide continued cause for concern.  All four regions of the country report sharply slower sales of new homes compared to February of last year according to the Federal Census Bureau report.

There are additional concerns about the drag of the housing market on the overall economy this year.  CNNMoney.com coverage on this story today highlighted the role of problems in the subprime mortgage sector.  There appears to be concern among members of the home builders national trade association about the changes in the mortgage market cutting into sales.  For more details read the full story: “New home sales: Slowest in 6 years”

Recent Associated Press stories on the Long Island Business News (today and last Friday) present a mixed picture for the northeast. 

More sales in February A quote from the AP story:
“The National Association of Realtors reported Friday that sales of existing homes rose by 3.9 percent last month, pushed higher by a sharp increase in sales activity in the Northeast. “  This sounds encouraging but in light of the story today about slowing sales of new homes “New home sales slump” paints a different picture.

Taken together people looking to buy a home on Long Island or sell their current home would be wise to check various news sources frequently over the coming months.  The effect of trouble in the mortgage market will likely affect different types of homes in very different ways.  We will continue to point you to stories that provide better local coverage of the housing market on Long Island in this blog.

You can find listings for Long Island realtors and real esate agencies in an easy to look up “yellow-ages style” format by tonwhsips:

• Nassau County NY, Hempstead township real estate agencies
• Nassau County NY, Oyster Bay township real estate agencies
• Suffolk County NY, Babylon township real estate agencies 
• Suffolk County NY, Brookhaven township real estate agencies
• Suffolk County NY, East Hampton township real estate agencies
• Suffolk County NY, Huntington township real estate agencies
• Suffolk County NY, Islip township real estate agencies
• Suffolk County NY, Riverhead township real estate agencies
• Suffolk County NY, Shleter Island township real estate agencies
• Suffolk County NY, Smithtown township real estate agencies
• Suffolk County NY, Southampton township real estate agencies
• Suffolk County NY, Southold township real estate agencies

Our page on Long Island mortgage brokers covers a good deal of useful background information on obtaining a mortage.