Feb

13

Google: Foreclosures Deer Park, NY

Filed Under Deer Park Real Estate, Mortgage Matters, Sellers, Sellers & Buyers | 2 Comments

Shocked! That is the feeling I got when I simply typed in the words, “foreclosures deer park, ny” into google.com, the most popular search engine on the internet. Streets like W 22nd street (where I have a listing now), W 15th street, Glenda Drive, W 18th Street, and many more popped up. They came up as a “lis penden”, which is the initial document filed by an attorney or trustee on behalf of the foreclosing lender that starts the foreclosure process. Scary!

The other scary thing was…there was a total of 92 homes on the list. That’s 92 property owners that are in some kind of trouble with their mortgage payment. Whether you live in Deer Park, NY or not, this should be sending chills down your spine. Oh wait, you live in West Islip, NY? Try 39 homes involved in the foreclosure process. Oh you live in Babylon, NY? 18 Homes. Oh you live out east. Okay. Hampton Bays perhaps? There are 34 homes involved in some type of foreclosure process. In Mastic, NY, there are over 335 properties involved in foreclosure proceedings.

These numbers are scary. To think that in Deer Park and West Islip, there are over 120 homes in financial trouble to the point where they may become a bank owned property, thus decreasing the value of surrounding homes by more than 50% is staggering. Here is a list of some other Towns throughout Long Island that I randomly looked up:

Let’s tally all of these numbers up including Deer Park, West Islip, Babylon, Mastic, and Hampton Bays. The number is 915. Nearly 1000 homeowners in 15 Long Island towns are facing the threat of having their home foreclosed on. Now there is a good chance that most of these homes will make it through a tough time and not face the legal proceedings of being removed from their home. However, if 2 in 10 do, that’s almost 200 properties that will be vacant and destroyed. Probably a majority of these homes will be families, not investors making poor investments. That’s a lot of families in trouble. And this is only 15 towns on Long Island.

If you or someone you know needs to sell their home or is having difficulty keeping their home, call me. I will evaluate how I can help with the situation as a real estate agent. If I cannot, I can certainly help by providing people with information and contacts that can help.

(c) Copyright 2008, www.tommcgiveron.com

by Tom McGiveron


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2 Comments so far

  1. Tom McGiveron | LI Real Estate | Suffolk Homes on May 31, 2008 5:08 am

    [...] late 2009. Click the image to enlarge One of the dark horses throughout all of this is the effect foreclosures will have on the market. We have not seen the full impact of foreclosures on the market (the [...]

  2. Tom McGiveron | LI Real Estate | Suffolk Homes on June 27, 2008 2:00 pm

    [...] 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 [...]