Dec

24

Long Island Real Estate Market: Foreclosure Update, December 2008

Filed Under Foreclosure Info, Long Island Foreclosure Stats | 2 Comments

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

Nov

29

Long Island Short Sales: Announcing New Website

Filed Under Foreclosure Info, Sellers | Leave a Comment


The number of Long Island short sales is increasing much like the rest of the country. Homeowners are finding themselves stuck behind a mortgage payment they cannot afford and we are seeing these homes coming to the market for sale - when the home is worth less than what is owed on the mortgage.
In my travels all across Long Island, I continue to meet with homeowners who have either just bought at the height of the market or many who have refinanced their home or taken out multiple home equity loans and now find themselves with a home that isn’t worth what they “pulled out” in equity. This isn’t a problem in and of itself.
The problem is now these homeowners are getting a divorce, in poor health, currently unemployed, lost a business, and on and on. Some who bought homes just a few years ago in 2004-05-06, are deciding they don’t want a home anymore for whatever reasons, but most are people who should never have purchased a home to begin with. Enter subprime lending.
Those that purchased in say, 2001 - 2005 are now facing resets on their adjustable rate mortgages (ARM). An ARM is a mortgage that offers a low-interest mortgage up front, but follows the market and adjusts after a certain period to whatever interest rates are at the current time. Luckily, the interest rates are still low. However, even a homeowner who purchased with a 4% ARM in 2004, is now paying for sake of argument, 5.5%; that’s a whopping 1.5% increase on a mortgage, not a car loan!
With all this, I am introducing www.longislandshortsales.org. It is a website dedicated to the cause of helping homeowners who need professional real estate agents, attorneys, and reputable mortgage consultants to assist them with their options.
For every home that I help avoid foreclosure, the stability of the real estate market remains intact. If all the homeowners who are in trouble on this very day, November 29, 2008, with paying their mortgage were to be foreclosed on, homeowners all across the island, would see the bottom drop out from under their home values. We’re talking 50% loss of equity from today (we’ve already lost over 20% during the past 30 months or so).
A boarded-up home next door to you is bad for everyone - the family that was there, the investor who tried to make something out of his/her life, the neighbors, the bank holding the note. In these situations, everyone loses.
My point in announcing this website on tommcgiveron.com, is to create awareness for my visitors and subscribers, that if you know of anyone who is in trouble, call me. Visit longislandshortsales.org and just read the home page.
One of the main reasons I am creating this website and forging ahead into the direction of short sales is because time and time again, I, and many of my colleagues, are running into real estate agents who are not managing these types of sales correctly. They are time consuming and delicate listings that must have a solid real estate professional with the experience and tools to analyze all of the homeowner options.
Many homeowners are listing their homes with agents and not disclosing that they’re a month or two behind on the mortgage payment. They list the home too high because they’re listing with real estate agents who are not fully vested in this business. The home is sitting on the market. The homeowners are not making their mortgage payments. And worst of all, after 6 months of falling behind, the homeowners find themselves in a haze of misinformation coming from a real estate agent who doesn’t know what they’re talking about.
These times call for professionals in the legal field and real estate industry to pull together to make sure homeowners are not taken advantage of by businesses proclaiming to perfrom miracle “loan modifications” for $1000’s of dollars. Their are reputable companies and attornies that handle this, but homeowners have to be careful.
Longislandshortsales.org is a place where homeowners can come and get a trustworthy company, Coldwell Banker and a real estate agent, me, who is experienced with helping homeowners fully evaluate their circumstances. I am not a lawyer, but I have teamed with the best. I am not a loan modification specialist, but I know the best. I am a real estate professional who knows the market, has extensive experience with short sales and can help homeowners actually avoid foreclosure. Whether it’s through short selling their home fast so as to maximize the lenders return so that they accept the short sale or it’s a referral to a qualified attorney to help them get out of a bad situation, I am available at 1-877-765-3123, ext. 51.

(c) Copyright, 2008 www.tommcgiveron.com

By Thomas McGiveron, Licensed Salesperson


Oct

11

Long Island Short Sales

Filed Under Foreclosure Info, Sellers, Sellers & Buyers | 2 Comments

Long Island short sales are on the rise. The numbers are staggering. According to the Long Island Board Of Realtors, short sales will continue to rise and real estate agents will be scrambling to assist homeowners in danger of losing their homes to foreclosure.

However, in my travels as a professional real estate salesperson, I find that many homeowners do not know anything about “short sales”. A short sale occurs when the seller’s lender (the bank that holds the mortgage on the house) accepts a discounted pay off in order to release the existing mortgage. Basically, the bank agrees to take less than what is owed on the property and the homeowner is able to walk away from the property without having any further debt owed to the lender.

On Long Island, short sales are becoming increasingly “popular” with homeowners who cannot pay their mortgage due to mortgage resets on adjustable rate mortgages.

The main reason why short sales are the most viable loss mitigation alternative is because the effect on the homeowner’s credit is much less damaging than a foreclosure. On a FICO score, the average loss is 300 to 400 points when a homeowner goes through the process of foreclosure. However, if the homeowner chooses to negotiate a short sale, the drop in FICO score may only be 80 to 100 points, assuming their mortgage is the only debt they can’t pay.

The short sale “package” that many homeowners will need to submit to the bank will include a hardship letter written by the owner(s) which explains the circumstances surrounding their inability to pay the mortgage. The lender will also require an authorization form allowing the real estate agent and/or attorney for the seller, to speak to the bank and negotiate the sale approval. Additionally, the lender will want proof that the money coming into the household is insufficient to cover the mortgage, so W-2’s, bank statements, and check stubs will be required.

The agent you choose to assist you must have extensive knowledge of the short sale process. On Long Island, many real estate agents do not have the experience to successfully complete a short sale transaction. Many agents will just tie up a property in a long listing agreement, only to poorly advise the seller and ultimately pass the point at which a short sale will even be acceptable to the lender.

As a homeowner, it is imperative that certain objectives are met with regard to the conducting of a short sale. Since I consider these objectives privaleged information I will not list them here. If you are a homeowner and would like to discuss the process in depth, I am available at 631.831.9048.

For more information on Long Island foreclosures - click here.

(c) Copyright 2008 www.tommcgiveron.com

By Thomas McGiveron, Licensed Real Estate Salesperson


Oct

7

Long Island Real Estate Market: Foreclosure Update, October 2008

Filed Under Foreclosure Info | Leave a Comment

This is a foreclosure update for the Long Island real estate market. This report features the number of homes that are pending foreclosure throughout a sample of the Long Island real estate market.

Suffolk County

West Islip = 28 Homes Pending Foreclosure
Deer Park = 84 Homes Pending Foreclosure (30% increase over August)
Babylon = 12 Homes Pending Foreclosure (50% decrease)
West Babylon = 87 Homes Pending Foreclosure
Lindenhurst = 93 Homes Pending Foreclosure
Patchogue = 13 Homes Pending Foreclosure
Miller Place = 28 Homes Pending Foreclosure
Riverhead = 4 Homes Pending Foreclosure
Huntington = 50 Homes Pending Foreclosure
Port Jeff = 10 Homes Pending Foreclosure
Sayville = 19 Homes Pending Foreclosure
East Hampton = 1 Homes Pending Foreclosure
Smithtown = 7 Homes Pending Foreclosure
Hauppauge = 17 Homes Pending Foreclosure
Manorville = 18 Homes Pending Foreclosure

Total = 471 Homes Pending Foreclosure (8% Decline)

Nassau County

Farmingdale = 18 Homes Pending Foreclosure
Seaford = 4 Homes Pending Foreclosure
Massapequa = 43 Homes Pending Foreclosure
Freeport = 41 Homes Pending Foreclosure
Wantagh = 8 Homes Pending Foreclosure
Lynbrook = 2 Homes Pending Foreclosure
Elmont = 29 Homes Pending Foreclosure
Oceanside = 1 Homes Pending Foreclosure

Queens

Flushing = 78 Homes Pending Foreclosure
Bayside = 22 Homes Pending Foreclosure
Jamaica = 704 Homes Pending Foreclosure
Howard Beach = 27 Homes Pending Foreclosure

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

Throughout each of the counties in the given towns selected, there was about a 10% decline in homes pending foreclosure throughout Long Island. This is good news!

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 declining. This is fantastic news for a number of reasons, one being, the damage to home values will be less.

This past week in the financial market, things do not seem promising. If you watch too much news, you would believe that the sky is falling. I always try not to watch the news, especially local news because it’s filled with the filth of our humanity, usually jam-packed with the worst of what our area has to offer.

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/.

Tips for Avoiding Foreclosure

Aug

29

Long Island Foreclosure Statistics: 2nd Quarter 2008

Filed Under Buyers, Foreclosure Info, Sellers, Sellers & Buyers | 3 Comments

Sellers Beware! Buyers Beware!

According to www.LIRealEstateReport.com , Suffolk County saw a dramatic increase of foreclosure filings, as did Nassau County. Nearly $870,000,000 of real estate inventory in Suffolk County is facing foreclosure. As of July, 2008, there were 18,638 total listings in Suffolk County according to the Multiple Listing Service. There are currently 2,723 Lis Pendens filings in Suffolk County alone. Let me repeat - 2,723 homes facing foreclosure in Suffolk County.

Click here for help to avoid foreclosure

In Nassau, there are 1,620 facing foreclosure with a median price tag of about $380,000, while Suffolk’s price tag for a home in foreclosure is about $319,000.

This data suggests that the epidemic of foreclosures facing our area alone is very concerning.

If you are on the market now, drop your price. If you are thinking of selling your home, find out your exact motivation for doing so. If you need to get out (and really ask yourself the tough questions to get the real answers), then don’t wait around. With every home that enters into foreclosure in your area, the impact on your home’s value will drop approximately $8,000. That’s instant equity loss.

I have written on this subject numerous times. I just hope who ever is reading my articles that they actually take into consideration the severity of the housing and foreclosure crisis that faces us.

I’m not a doom and gloom type. In this market, there’s a great opportunity to sell your home. You won’t be selling it for the price you could have gotten a few years ago, but remembering the 25% annual appreciation that was realized from 2003 to 2005/2006, should help remind you about that great benefit to your home’s value, even now.

For buyers, there’s two main things to consider. One is that it’s a great time to consider buying a foreclosure or short sale. There are a few legal items to consider, so make sure you consult your attorney before buying a foreclosure, pre-foreclosure at auction or short sale.

Secondly, for buyers, it’s important to know what’s going on in the area you’re looking in. This is very important. I work as a buyers agent, representing buyers in the largest financial transaction of their lives. I pride myself on providing them with the best information possible about any area so that they make an informed decision.

For a Comprehensive Market Analysis of your home’s value, or to call me to inquire about finding a home to buy (or both), call me at (631)831-9048.

(c) Copyright, 2008 www.tommcgiveron.com

By Tom McGiveron

Aug

23

Long Island Real Estate Market: Foreclosure Update, August 2008

Filed Under Buyers, Foreclosure Info, Sellers, Sellers & Buyers | Leave a Comment

This is an update for the foreclosures that are pending in Suffolk County. I decided to include some towns in Nassau County and Queens as well.

Suffolk County

West Islip = 27 Homes Pending Foreclosure (10% decline)
Deer Park = 61 Homes Pending Foreclosure (39% decline)
Babylon = 25 Homes Pending Foreclosure (No change)
West Babylon = 98 Homes Pending Foreclosure (No change)
Lindenhurst = 109 Homes Pending Foreclosure (20% Increase)
Patchogue = 15 Homes Pending Foreclosure (7% Increase)
Miller Place = 33 Homes Pending Foreclosure (58% Increase)
Riverhead = 4 Homes Pending Foreclosure (20% Decline)
Huntington = 57 Homes Pending Foreclosure (14% Increase)
Port Jeff = 10 Homes Pending Foreclosure (33% Decline)
Sayville = 22 Homes Pending Foreclosure (8% Decline)
East Hampton = 1 Homes Pending Foreclosure (No change)
Smithtown = 8 Homes Pending Foreclosure (25% Increase)
Hauppauge = 16 Homes Pending Foreclosure (13% Increase)
Manorville = 26 Homes Pending Foreclosure (8% Decline)

Total = 512 Homes Pending Foreclosure (1% Decline)

Nassau County

Farmingdale = 16 Homes Pending Foreclosure
Seaford = 4 Homes Pending Foreclosure
Massapequa =32Homes Pending Foreclosure
Freeport = 47 Homes Pending Foreclosure
Wantagh = 6 Homes Pending Foreclosure
Lynbrook = 7 Homes Pending Foreclosure
Elmont = 34 Homes Pending Foreclosure
Oceanside = 5 Homes Pending Foreclosure

Queens

Flushing = 184 Homes Pending Foreclosure
Bayside = 29 Homes Pending Foreclosure
Jamaica = 1123 Homes Pending Foreclosure
Howard Beach = 30 Homes Pending Foreclosure

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

This information is very useful for both sellers and buyers. For sellers, it will give you insight as to how the foreclosures in your area will damage the value of your home. I will provide a complete report on foreclosures on Long Island next month that will include exactly how a foreclosure in your immediate area impacts your home’s equity. We all know it has a “bad impact” and is negative - but just how much are we talking? Come back next month and find out.

For buyers - the information provides you with a snap shot of just how many foreclosures there are (active and pending) in a given area. For instance, I would say that Jamaica, while a large area, should be avoided by buyers who are looking strictly to purchase and occupy a home. It’s a great area for investors, but not for the average home purchaser, based solely on the fact that the number of foreclosures is so high. As a buyer in this market, you want to buy low…in an area that is not being riddled with foreclosures and lis pendens filings.

Good Resource for 1st Time Buyers

(c) Copyright 2008, www.tommcgiveron.com

By Tom McGiveron

Jun

27

Long Island Real Estate Market: Foreclosure Update, June 2008

Filed Under Foreclosure Info, Sellers, Sellers & Buyers | 1 Comment

I will be updating the numbers of foreclosures in 15 separate towns throughout Suffolk County each month. This article is actually the second installment. The first article on foreclosures in suffolk county was written in february and was somewhat of an experiment by myself. However, as we bear deeper into the challenges of this market and the increasing number of “short sales” and foreclosures, I thought it might be a good idea to write a monthly article featuring the number of foreclosures in certain areas throughout Long Island, Suffolk County.


The following is a list of homes that according to realestate.yahoo.com in cooperation with realtytrac.com are in the process of foreclosure. I simply “googled” the term “foreclosure TOWN, NY”.

West Islip = 30 Homes Pending Foreclosure
Deer Park = 100 Homes Pending Foreclosure
Babylon = 25 Homes Pending Foreclosure
West Babylon = 98 Homes Pending Foreclosure
Lindenhurst = 89 Homes Pending Foreclosure
Patchogue = 14 Homes Pending Foreclosure
Miller Place = 19 Homes Pending Foreclosure
Riverhead = 5 Homes Pending Foreclosure
Huntington = 46 Homes Pending Foreclosure
Port Jeff = 15 Homes Pending Foreclosure
Sayville = 24 Homes Pending Foreclosure
East Hampton = 1 Homes Pending Foreclosure
Smithtown = 6 Homes Pending Foreclosure
Hauppauge = 14 Homes Pending Foreclosure
Manorville = 28 Homes Pending Foreclosure

Total = 514 Homes Pending Foreclosure

Click Here For Helpful Information & Tips For Avoiding Foreclosure. If you have any questions, feel free to contact me at 631.587.1700, ext. 51.

(c) Copyright 2008, www.tommcgiveron.com

By Tom McGiveron, Licensed Real Estate Salesperson