SYOSSET - Amid the uncertain housing market, most Long Islanders believe the price of their home will remain essentially the same over the next six to 12 months.
According to the latest News 12 Long Island/Hofstra University poll, 42 percent of respondents said prices would not change. Twenty-seven percent said they expect prices to decrease, but not steeply, while 14 percent of Long Islanders believe prices will slightly increase.
Only 5 percent of responders said they expect the value to drop sharply, followed by 4 percent who said the value would jump.
Houses across Long Island lost about a third of their value since the market collapsed several years ago. Now, a house that sold for $450,000 back in 2008 would sell for about $300,000.
Most experts believe when house prices start rebounding, they'll do so slowly, rising 1-2 percent a year.
Economist Pearl Kamer, of the Long Island Association, says what's hurting Long Island's housing market is the high number of foreclosures, which exert downward pressure on home prices.Poll resultsSummary report