Did the housing boom go bust on Long Island?

Are you asking a question or making statements?

I've got news for you. The boom did indeed go bust on Long Island. Property values continue to drop and people continue to lose their homes from loans they should have never received.

Yes, but not like it did in other parts of the country.

The available land is out on the east end and in the neighborhoods with integrated populations, or it is owned by speculators who are waiting for prices to rise. While you could buy a farm out there and build a few dozen houses there, the people who would live there, would have to spend a few hours on the LIE to get to where they would work, so the big real estate developers saw the Island as less of a place to make a profit, then other areas where they could do business.

If you want to build a house on the Island, you usually have to buy a small house, knock it down and build a nice big house there. This puts a new house out of the price range of those people to whom a mortgage was a dream come true.

However you could buy a older house with a mortgage you should not have gotten. Thus the forclosures happened there too.

The effects of the small housing market bust on L.I. were not large enough there to bring the prices down to affordable though.

No. While the Mansions on the high end and the gahbage on the low end have been hard to sell, so those prices have dropped, the majority of the medium priced houses kept their value.

So, no you, you still can't afford to live there.