Why is this important?
Homes are the major source of wealth for most people, and housing costs represent the largest part of household budgets.  Home values and rents are also indicators of the health of the economy. Since 2006 the sudden drop in home values has prevented many home owners from selling their homes or forced them into foreclosures. Empty, foreclosed homes are not only tragic for the households but also negative impact the communities and the nearby homes. In late 2010 New York State made legislative changes in foreclosure process, which made foreclosures more difficult and dramatically drove down the number of foreclosures. Therefore, the housing market is very likely to be more complicated and unpredictable in the next a few years.

How are we doing?
After two years of declining home sales, prices seem to have stabilized. Rents have similarly stabilized in the last three years. The cost of housing, however, remains very high, and a very large number of Long Islanders spend a disproportionate share of their income on housing expenses, leaving less money for other essentials.