The housing market is in a deep freeze as pending home sales have plunging to record lows. And yet, one corner of the East coast is experiencing the exact opposite nightmare, where bidding wars have become so vicious that even buyers armed with cold, hard cash can't secure a home.
Long Island, New York, has emerged as one of the nation's toughest housing market, with Nassau and Suffolk counties reporting roughly 36% fewer sellers than buyers, according to Redfin.
The frenzy stands in stark contrast to the national housing slump.
Pending home sales collapsed 7.3% in September, pushing the National Association of Realtors' index to a record low as soaring mortgage rates hammered affordability.
"Market conditions weakened in September due to fast-rising mortgage rates," said Lawrence Yun, chief economist at the National Association of Realtors. "Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates. Buyers and sellers may simply be holding back until mortgage rates move favorably."
However, Long Island sellers are calling the shots.
Retired orthopedic surgeon Frank DiMaio discovered just
