Dec

24

Long Island Real Estate Market: Foreclosure Update, December 2008

Filed Under Foreclosure Info, Long Island Foreclosure Stats |

This is a foreclosure update for the Long Island real estate market. This report features the number of homes that are in the foreclosure process or currently bank-owned throughout a sample of the Long Island real estate market.

Suffolk County

West Islip = 70 Homes Pending Foreclosure - this represents over a 50% increase since the last report on Oct. 7, 2008.
Deer Park = 176 Homes Pending Foreclosure - a 165% increase since October, 2008.
Babylon = 34 Homes Pending Foreclosure (nearly 200% increase)
West Babylon = 188 Homes Pending Foreclosure (117% increase)
Lindenhurst = 193 Homes Pending Foreclosure (exactly 100 more foreclosures…in two months)
Patchogue = 17 Homes Pending Foreclosure
Miller Place = 47 Homes Pending Foreclosure
Riverhead = 3 Homes Pending Foreclosure
Huntington = 95 Homes Pending Foreclosure (nearly 100% increase since Oct. 2008)
Port Jeff = 21 Homes Pending Foreclosure (100% increase)
Sayville = 32 Homes Pending Foreclosure
East Hampton = 4 Homes Pending Foreclosure (300% increase)
Smithtown = 11 Homes Pending Foreclosure
Hauppauge = 26 Homes Pending Foreclosure
Manorville = 43 Homes Pending Foreclosure (over 144% increase)

Total = 960 Homes Pending Foreclosure (51% increase since last report in October, 2008)

Nassau County

Farmingdale = 34 Homes Pending Foreclosure
Seaford = 9 Homes Pending Foreclosure (125% increase)
Massapequa = 37 Homes Pending Foreclosure (8% decline)
Freeport = 56 Homes Pending Foreclosure
Wantagh = 10 Homes Pending Foreclosure
Lynbrook = 3 Homes Pending Foreclosure
Elmont = 47 Homes Pending Foreclosure
Oceanside = 6 Homes Pending Foreclosure

Total = 202 Homes Pending Foreclosure

If you want information on a specific town, leave me a comment or call me at 631.831.9048.

It’s clear that Suffolk county had a tremendous surge in foreclosure filings. All this information was gathered from RealtyTrac. The information is a combination of lis pendens filings with local county offices, public notices of foreclosure sales, and real estate owned properties (properties currently owned by banking institutions).

The average loss of equity from a foreclosure on Long Island is about $8000. So the fewer foreclosures in your area, the better! Overall, the foreclosure numbers, gathered from RealtyTrac, appear to be increasing. A 50% increase in the number of foreclosures in less than 3 months.

under-water-1208.jpg Click the slide to enlarge it. These are some national numbers which seem to correlate with the Long Island real estate market.

I will continue to report on the Long Island foreclosure situation and see how things change from month to month. Please continue to come back. If you have any questions on a specific town, please feel free to contact me.

For the previous foreclosure updates, www.tommcgiveron.com/category/foreclosures/.

Resource For Homeowners


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3 Comments so far

  1. Gary on December 24, 2008 10:58 am

    Where are you getting your data from, Tom?

    Wow, 34 homes in Babylon pending foreclosure? That’s a huge number, considering the size and distribution of housing stock in my little burg. Anything more you can tell us about the Babylon Lis Pendens?

  2. tmcgllc on December 27, 2008 6:49 am

    The only thing I can tell you Gary about Babylon Lis Pendens filings is they’re going to grow over the course of 2009.

    That’s bad news for the market place, but it is what it is. As an agent - my focus is on getting in touch with these homeowners and helping them to avoid foreclosure.

    If you know of anyone who needs information - please don’t hesitate to call me. If a short sale is appropriate - remember, they pay me nothing. I get paid by the bank and they avoid foreclosure.

    Thanks for the comment.

  3. Long Island Real Estate Market | Tom McGiveron | Coldwell Banker Realtors on January 10, 2009 12:27 pm

    […] you think your town isn’t effected by foreclosures Slide with towns I have written multiple articles about many towns throughout Long Island that have been effected by foreclosures. This is just a sample of towns throughout different areas. If you want numbers on your area […]