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9. Suffolk, NY
Suffolk
Home price forecast (1 year):* -13.4%
Suffolk County occupies the eastern two-thirds of Long Island. The area transitioned from a thinly populated area of potato farms, fishing ports and beach communities before World War II into a densely populated full-blown suburb of New York City.

Many of its wealthiest residents commute daily to Manhattan and work in financial services. The recession has hit that industry hard and housing prices on Long Island have suffered. After running up more than 126% since 2000, prices in Suffolk have fallen 17% from their peak. Another 13.4% decline is predicted this year.
Is this a good time to buy a home in Suffolk?
Population:
(2006)
2,795,377
Median family income:
(2008)
$97,100
Median home price:
(2009)
$395,000
Affordability index:
(Median home price/family income 2009)
4.1
Prices peaked in: 2006:Q2
Total climb during the boom:
(2000 to peak)
126.1%
Total decline so far:
(Peak through 2009)
-16.9%
One-year change:
(Q4 2008 to Q4 2009)
-1.8%
Additional price change to bottom: -15.4%
When they'll hit bottom: 2011:Q3
*(Q1 2010 - Q1 2011)
† Data is for Nassau-Suffolk, NY Metropolitan Statistical Area
Notes:
Median home prices are for single-family homes through the third quarter of 2009, the most recent data available, and include sales of bank-owned properties.
Sources: Fiserv and Moody's Economy.com
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