New York, NY, September 05, 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 August 2008.
• Long Island foreclosures
in August remain higher than last year: The number of new foreclosures in Long Island was 32% higher than in August 2007. Suffolk County was up 19%, while Nassau County recorded a 41% increase over the same time period.
• Third consecutive month of improvement: While Long Island foreclosures remain higher than August 2007, August 2008 is the third consecutive month of declines in first time foreclosures for the region.
• The Town of Hempstead continues to show most of Nassau County’s foreclosure activity: In August 2008 the Town of Hempstead had the highest foreclosure/household rate, with one in every 2,500 houses in foreclosure, two times higher than Town of Oyster Bay and Glen Cove and four times higher than Town of North Hempstead.
• Brookhaven accounts for more than half of new foreclosures in Suffolk County: In August 2008, Brookhaven, with 34 new foreclosures, accounted for more than half of the foreclosures in Suffolk County. Islip (16) followed and accounted for 25% of the new foreclosures.
“Although this is the third consecutive month of declines in Long Island foreclosures, first time foreclosures are still 32% higher than a year ago,” stated Bill Staniford, CEO PropertyShark.com
Nassau County Overview: Compared to August 2007, Nassau County recorded a 41% increase in the number of new foreclosures in August 2008. However, compared to July 2008, Nassau County saw a 3% decrease. Single family homes located predominantly in the Town of Hempstead, were the most common property type scheduled for auction in August 2008. Despite a small decrease from last month, the Town of Hempstead (89) continues to show most of Nassau County foreclosure activity, followed by the Town of Oyster Bay (16), which recorded a 45% increase from the previous month.
Suffolk County Overview: Suffolk County recorded a decrease in the number of new foreclosures form July 2008. The current number (64) is down 15% from the previous month (75), but up 19% from August 2007 (54). In August 2008, Brookhaven, with 35 new foreclosures, accounted for more than half of the foreclosures in Suffolk County. Islip (16) followed and accounted for 25% of the new foreclosures.
The full Long Island Q2 08 Foreclosure Report can be downloaded at http://www.propertyshark.com/mason/BlogCenter/marketreports.html. Investors can browse current foreclosure listings on PropertyShark.com in the following areas:
• Long Island Foreclosures
• Los Angeles Foreclosures
• Miami Foreclosures
• New Jersey Foreclosures
• NYC Foreclosures
• Philadelphia Foreclosures
• San Francisco Foreclosures
• Seattle Foreclosures
Press may request a copy of the report by contacting Brian Scully at 718.408.4985.
With over 25 million properties in twenty major markets, PropertyShark.com provides real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, available directly from the web. PropertyShark.com strives to level the playing field by offering independent real estate firms, investors, and savvy consumers the information transparency essential to evaluate real estate and make informed decisions. For more information go to: www.propertyshark.com
For more information, please contact: Brian Scully
Phone Number: 7184084985