Long Island Real Estate Market: Foreclosure Update, March 2009

Filed Under Foreclosure Info, Long Island Foreclosure Stats |

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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 of of April 6, 2009. All statistics provided by RealtyTrac.

Suffolk County Foreclosures

West Islip = 73 (15.5% Increase since February, 09)
Deer Park = 161
Babylon = 39 (30% Increase)
West Babylon = 167
Lindenhurst = 176 (7% Decrease)
Patchogue = 10
Miller Place = 46
Riverhead = 4
Huntington = 94
Port Jeff = 16
Sayville = 27
East Hampton = 2
Smithtown = 5
Hauppauge = 25
Manorville = 35

Total = 875 (slight decrease in foreclosures from February, 2009)

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

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 172 homes listed as short sales. 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.

These are potential homes that may hit the market in the future as foreclosures if they do not sell.

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/.