Feb

20

Long Island Real Estate Market: Foreclosure Update, February 2009

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


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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 Foreclosures

West Islip = 63
Deer Park = 156
Babylon = 30
West Babylon = 173
Lindenhurst = 190
Patchogue = 16
Miller Place = 46
Riverhead = 5
Huntington = 91
Port Jeff = 20
Sayville = 27
East Hampton = 4
Smithtown = 5
Hauppauge = 29
Manorville = 36

Total = 891 (nearly a 7% decrease since last report in December, 2008)

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

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!

A closer look at short sale listings in these same towns above indicates another challenge. According to the Multiple Listing Service of Long Island, there are over 250 homes listed that include the term “short sale” in the towns focused in this article. A short sale is where a homeowner is attempting to sell their home for less than what is owed on the mortgage. A short sale occurs when the value of the property (what the buying market will pay for it) is lower than what a homeowner owes on the property.


Towns from above with the most amount of short sale listings include Lindenhurst (31), and West Babylon (18). Now these short sales may or may not be legitimate opportunities. Consulting a Real Estate Agent who knows what they’re doing, can save a buyer time and effort. For sellers, the same can be said. Imagine trying to sell your home, having 50 or 60 people drudge through your home, only to find that a short sale is not a viable option!

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/.

(c) Copyright 2009, www.tommcgiveron.com
By Thomas McGiveron, LSA


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1 Comment so far

  1. David S. on March 17, 2009 6:43 pm

    Just curious….I saw 10K rental listings on craigslist for LI just in the last month!

    Is it not true that rental prices both house and apartment must go down….and in fact are?

    The supply is absolutely incredible…and I wonder, also, what percentage are renters moving out or owners who are trying to cover their mortgage.

    You data would be very helpful to me right now….if I am wrong, I need to know…I am trying to explain to my landlord that they cannot get what they want to for their home as a rent.

    I thank you in advance for your time and reply.

    David