Long Island Real Estate Market: Foreclosure Update, October 2008

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

Comments

1 Comment so far

MARK on August 4, 2009 4:43 pm
would you please put me on your e-mail list regarding foreclosure from Long Island and Queens.If you like to talk about this I can be reach at 917-693-9887. Thank you………Mark.