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Long Island Foreclosure Report Released by PropertyShark.com: First Time Foreclosures Decrease by 10%


PropertyShark.com, today released its monthly report covering first-time residential foreclosures in Long Island (Suffolk County, Nassau County) for July 2008. The number of new foreclosures in Long Island (196 scheduled foreclosures) decreased by 16% compared to June 2008 (233) and by 10% compared to July 2007 (217).

New York, NY, August 13, 2008 --(PR.com)-- PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in Long Island (Suffolk County, Nassau County) for July 2008.

Key Findings (Request report for details and charts):

-Long Island foreclosures improve in July 2008: The number of new foreclosures in Long Island (196 scheduled foreclosures) decreased by 16% compared to June 2008 (233) and by 10% compared to July 2007 (217).

-Nassau County had the higher foreclosure rate per household: In Nassau County, one in every 3,864 homes was scheduled for a foreclosure auction in July 2008. In comparison, Suffolk County had one in every 7,143 homes scheduled for auction.

-Freeport and Roosevelt are Nassau County trouble spots: In July 2008, Roosevelt had one in every 353 homes scheduled for foreclosure auction and Freeport had one in every 869 homes scheduled for auction.

-Suffolk County recorded a slight decrease in July 2008: There were 75 new foreclosure auctions scheduled in Suffolk County in July 2008, down 33% from the previous month (112).

"With 23% of all Nassau County’s new foreclosures, Freeport and Roosevelt are the primary battleground for Long Island distressed properties," stated Bill Staniford, CEO of PropertyShark.com.

Nassau County Overview:
The number of newly scheduled foreclosure auctions in Nassau County remained level compared to the previous month. In comparison to the same month last year, the number of new foreclosures decreased by 19%.

With 91 new foreclosures and a 7% increase over June 2007, the Town of Hempstead incurred 76% of Nassau County’s new foreclosures. It is distantly followed by the Town of Oyster Bay and the Town of North Hempstead, both recording 11 new foreclosures in July 2008.

The Town of Hempstead had the highest foreclosure rate per household in July 2008, with one in every 2500 households scheduled for a foreclosure auction.

Suffolk County Overview: In July 2008, Suffolk County foreclosures (75) decreased by 33% from the previous month (112), but was up 9% from July 2007 (69).

Among the towns of Suffolk County, Brookhaven (42) had the highest number of foreclosures, despite a 22% decrease from the previous month, followed by Babylon (11), Islip (10) and Huntington (6). First time scheduled foreclosures almost tripled in Babylon over June 2008.

Long Island Lis Pendens (Pre-foreclosures)
In June 2008, the number of lis pendens increased by 9% in Long Island compared to the previous month. Suffolk County had the higher monthly increase (18%). In comparison to June 2007, the number of new lis pendens decreased by 12% in Suffolk County and increased by 20%.

The full Long Island July 2008 Foreclosure Report can be downloaded at http://www.propertyshark.com/mason/BlogCenter/marketreports.html.

ground for Long Island distressed properties

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Contact Information
PropertyShark.com
Brian Scully
718-715-1758
Contact
www.PropertyShark.com
Attached Files

Long Island Foreclosures
Chart of Nassau Foreclosures
Filename: Nassaucountychart.jpeg

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