Feb

11

How Many Homes Are In Foreclosure In Suffolk County?

Filed Under Long Island Foreclosure Stats, Sellers, Sellers & Buyers |


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So the question I recently asked myself is how many homes are in foreclosure in Suffolk County, New York. Immediately, I went to work and found out that there are over 190 homes that are bank-owned in Suffolk County…under $300,000. Foreclosures in Suffolk County priced over $300,000 numbers around 50.

So to be fairly accurate, it is okay to say that there are currently 250 homes in Suffolk County that are currently bank-owned…and on the Multiple Listing Service of Long Island. This 250 number does not include all the homes that are not listed yet, in the process of foreclosure, or currently in contract.

If I were to make an educated guess, based on my experience as a BPO agent (an agent who performs broker price opinions for banks to price out homes on their books), I would that there are over 10,000 homes in Suffolk County, that are somewhere in the process of foreclosure.

I complete about 50 BPO’s per month on average. And my competition in this business (other real estate agents doing just as much or more), leads me to believe that not just Suffolk county, but all over Long Island will be facing very difficult times in 2010 and well into 2011.

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